CBM ex-deputy governor U Bo Bo Nge charged under Anti-Corruption Law

  • Thu, 12 May 2022

            THE Anti-Corruption Commis[1]sion examined the complaints against ex-deputy governor U Bo Bo Nge of the Central Bank of Myanmar. 

According to the inspec[1]tions, U Bo Bo Nge was re[1]sponsible to oversee seeking the CBM approvals and re[1]porting to the Financial Inves[1]tigation Force for foreign cur[1]rency transfers of more than US$10,000 by AD banks under the Money Laundering Law while he was supervising the Foreign Exchange Management Department, Financial Institu[1]tions Supervision Department and Accounts Department as deputy governor. Between 1-1-2018 and 31-1-2021, there were more than 290,000 times ($170,000 million) of money transfers over $10,000 via Elec[1]tronic Reporting System-ERS to CBM by AD banks. Among these transfers, 352 were requested to CBM and nine were reported to the Financial Investigation Force. He had weakness in su[1]pervising the AD banks, and seven transfers which sought permits (over $73 million, 30 million yen and 100,000 euros) caused losses of more than K102 million to the government just only for the stamp duty. In 2018, $5 million entered the Small and Medium Enter[1]prises Development (SMED) bank and although it was re[1]ported to CBM via ERS, the CBM could not monitor it and deposited it to the account of Open Society Myanmar-OSM. The officials of OSM withdrew more than K1,900 million (more than $1.4 million). According to the estimation of the Internal Revenue Department, it can be collected more than K360 mil[1]lion just for income tax for the withdrawal of more than K1,900 million. But due to the weakness of the CBM, it failed to collect the tax and it caused losses to the State budget. The officials of CBM report[1]ed to U Bo Bo Nge to save $350 million at a certain bank that offers more interest rates than others, he saved it at SMBC bank in Singapore, with his own decision. It also caused more than $0.39 million (K665 million) loss[1]es to the government. There[1]fore, a case was opened against the CBM ex-deputy governor U Bo Bo Nge at Phayagon Myo[1]ma police station in Ottarathiri Township of Nay Pyi Taw under Section 55 of the Anti-Corrup[1]tion Law on 10 May, according to the commission.