Narinjara news


Communist Ceasefire Group faces bankruptcy in Burma

Sittwe, 17^th July 03:  The Burmese Communist Party (Arakan) that signed ceasefire agreement with the ruling Burmese junta, SLORC (State Law and Order Restoration Council), in May 1997 faces bankruptcy in a number of financial ventures.

A source in the ceasefire communist group said that the branch office of the BCP (A) in Rangoon would be withdrawn within October this year because of financial crunch resulting from a number of the failed economic ventures.  The ruling State Peace and Development Council junta gave the communist group a house and its compound in Sittwe, the state capital.  Besides a number of shrimp farms including those in Thawing-chhaung, Pauktaw Township, and Sittwe would also go for sale within this period. 

The communist group also plans to put to hire or lease the Sittwe bus terminal, Aero-lux bus service at Pauktaw, tractors at Sittwe, and sandbanks at Pauktaw in the face of a bankruptcy resulting from a loan of kyat ten million loan to the Municipal Bank.

In 1997, two hundred and eighty active members led by Saw Tun Oo, the Secretary of the party of the communist party, surrendered their arms and signed a ceasefire agreement.  At the time the Burmese junta offered them lucrative deals and business houses in Rangoon and in Rakhine State that included offices in Rangoon and Sittwe, a number of shrimp farms, real estate business, transport terminals, car sales centres, landed property and sand centres.

The BCP (Arakan) is now headquartered at Aung Ziya Village of Maung Daw Township and is allowed to carry on its political and economic interests.  #