The Pabedan Township Court on March 19 sentenced three gold shop owners, including Yangon Region Gold Entrepreneurs Association Chairman U Myo Myint, to three years in prison and fines for purchasing/storing and trading gold bars and gold bullions at outside gold prices with the intention of destabilizing the gold market, Yangon gold entrepreneurs told One News.
The three gold shop owners were sentenced to three years in prison each under Section 5 of the Essential Goods and Services Act and Section 109 of the Penal Code, and it is understood that this may have an impact on the domestic gold market.
The National Defense and Security Council Information Team announced on February 5 this year that the three people, Yangon Region Gold Entrepreneurs Association Chairman U Myo Myint (Thein Than Gold Jewelry Shop), Vice Chairman (1) U Myo Thu Win (Academy Gold Shop) and Secretary U Nay Myo Htet (Shwe Sin Academy Gold Shop), were arrested and taken into custody.
The statement said that U Myo Myint purchased 8 gold bars weighing a total of 70 ticals at the irregular price in January 2026 and hoarded them for resale at a profit. In addition, U Myo Thu Win purchased 970 ticals of gold bars at the irregular price in his gold shops between December 2025 and January 2026 and resold 950 ticals of gold bars at a profit and increased the price.
Similarly, U Nay Myo Htet purchased 319 ticals of gold bars at the market price in his gold shops between December 2025 and January 2026 and resold 268 ticals of gold bars at a profit and increased the price, the statement said. The government of Myanmar has issued necessary orders and instructions to stabilize the domestic gold market in order to maintain national peace, rule of law and economic development. Daily gold reference prices are being set and announced. Therefore, gold entrepreneurs are urged to work together to stabilize the domestic gold market, strictly follow the orders and instructions issued by the state, and effective action will be taken against gold entrepreneurs who do not comply, the National Defense and Security Council Information Team has announced.
