The family of Myanmar junta leader Min Aung Hlaing purchased a luxury home worth nearly 100 million baht in Bangkok, bypassing Thai laws prohibiting foreigners from owning land or houses in the country, according to a human rights group.
Justice for Myanmar (JFM) said the shell company through which the funds for the purchase were channelled had an executive of the Thai property developer as its sole director.
The 98-million-baht house at the Issara Residence Rama 9 was sold in December 2022 to the family of Min Aung Hlaing by the developer Charn Issara Plc.
JFM said it traced the property deal by analysing Thai corporate records, land records, publicly available information and confidential sources.
The luxury residence was purchased in the name of Min Aung Hlaing’s daughter-in-law Myo Yadana Htaik.
Payments were made through cash deposits and transfers involving at least three Thai banks: Siam Commercial Bank, Kasikornbank and Bangkok Bank.
On paper, the home on a 450-square-metre lot at Issara Residence Rama 9 is owned by Emerald Princess Co Ltd, a company set up on Dec 1, 2022 as a proxy for the son and daughter-in-law of Min Aung Hlaing, according to the rights group.
The sole director of Emerald Princess at the time was Krit Hongjanya, executive vice-president of sales and marketing at Charn Issara. The company was incorporated in the Charn Issara headquarters building, Issara Tower II, according to documents reviewed by JFM.
Emerald Princess is registered as a wholesale trading business and has no stated connection to real estate, according to Thai company records.
JFM said Charn Issara did not respond to requests for comment.
The deal was structured to shield the identities of the buyers and their sources of funds, making it possible for the family to bypass Thai legal prohibitions against foreigners owning land, JFM said.
