Beans Traders complain as KB company 's dealying to refund their money

Beans traders have filed a complaint to Union of Myanmar Chambers of commerce about KB company's delaying to refund their money. KB company is one of those bean wholesale traders owed hundreds of millions of Kyats to the sellers and their sub-contractors who in turn bought these commodities from the producers who they owe Kyat five to 20 million. These persons lodged complaints to the concerned trading houses.

Bean traders have complained that even through KB company has got enough money to refund their money, the company not to pay money in time by giving the reason of current economic crisis.

The news sources from Bean society said that 27 beans traders have filed a complaint to UMFCCI about KB company by showing the documents which mentions that the investment of KB company's Chairman and director in Singapore and Indonesia.

U Win Aung , vice president of UMFFCI said that UMFCCI will take action on this issue and they will report this case to State Authority.

According to Ba Ying Naung whole sale market, KB company has got secret links with an India Beans wholesale business.. U Mg Mg , chairman of KB company now is in Singpore and try to continue bean trade as a new company's identification.

Myanmar Authority has founded a task force which includes U Win Myint, president of UMFCCI, U Win Aung and U Sai Ba Nyan to solve the current cheating cases in local beans market.

This task force asked beans traders who lost their money to wholesale dealers to claim their lost to ministry of commerce.The unexpected slump in prices in the global bean and pulses market, many future traders were in trouble with liquidity crunch and finally had to abscond from fraud and cheating charge.According to Commerce and Trade Department, 600 of Burmese beans traders lost 203 billion ( 150 millions US dollars )in Myanmar currency to those eight wholesale dealers.

Authority seized the properties of eight wholesale dealers which included houses , estate and beans. According to ministry of commerce it worths 56 billion in Myanmar kyats.