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YANGON DIVISION – It has been reported from gold entrepreneurs that the gold market in Yangon couldn’t open on Thursday (July 6) because the junta council is abducting the gold entrepreneurs in Yangon and Mandalay and they had to abscond.
A gold businessman from Yangon said that junta abducted three gold entrepreneurs at their houses in Yangon on Wednesday night and the others absconded.
He said that the ones who were abducted earlier told on the others, leading to the latest arrests. “Those who were abducted first were summoned by notices but now, the entrepreneurs were abducted at their homes because there were many who didn’t answer to the summon saying they were out of town. None of the abducted people have been released yet. The senior gold entrepreneurs had already absconded. That’s why we couldn’t open the gold market today (July 6),” said the businessman.
It has been reported that although the (outside) market price for gold couldn’t be set, the gold shops still opened business even though there weren’t much sale.
Junta targeted senior gold entrepreneurs and businessmen dealing in gold bars trade and arrested them.
Even the responsible persons from major gold businesses such as Aungthamardi gold business, 29 jewelry business, Academy gold business were allowed only a few hours to go back home before being brought back to and investigated at the Bureau of Special Investigation.
Another gold shop owner said that they didn’t release the earlier abducted people, saying they might be charged or imprisoned and that there hasn’t been any news about the people who were abducted last night (July 5) either.
It has been reported that Yangon Gold Entrepreneurs Association (YGEA) set the price for one tical of gold at 2,259,600 Myanmar Kyats. The current exchange price is 3100 kyats for one American dollar in the outside market.
The junta council has abducted about 90 gold and foreign exchange businessmen from Yangon and Mandalay so far. The junta-controlled Central Bank has also announced that they will be taking action on around 50 people.