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Financier weathers regime change

Drugs

Reporter: Chai Sayam

U Aik Htun, investor whose Asia Wealth Bank has been named by the United States on 20 November 2003 as a money laundering center, is still going strong despite the fall of Gen Khin Nyunt in October, according to the sources coming to the border.

His Olympic Construction firm is still staying with the May Kha and May Likha housing projects in Rangoon's Thingangyun township at the Bawa Myint Quarters. He buys up land with government grants, 2,500,000 kyat ($ 2,500) per lot or builds home for those who refuse to accept money. "As for residents who are unable to show any official papers, they are simply chased away," said a source from Rangoon. "At least, he has been kind to monks. He constructs new temples for them in new locations."

He sells each lot back at 30,000,000 kyat ($ 30,000). His apartments, however, are not up to standards and few people have chosen to live there.

Aik Htun, a native of Mongkerng, 148 miles northeast of Taunggyi, is a Tai Ner (Sinicized Shan). He is said to be prejudiced in favor of people from the Shan State. "There are few Shans who have asked assistance from him and have been turned down," said a Shan from Taunggyi. "But when it comes to investments, he is a picky speculator. He will likely sponsor you right away for above-ground businesses like cattle dealing which he can see with his own eyes, but full of questions for gold and gem explorations."

U Aik Htun