Friday, August 19, 2016

The Myanmar Investment Commission (MIC) has warned approved investment businesses that they could get blacklisted if they breach rules and regulations while they are starting up their businesses.

MIC said its Supervisory Committee will inspect the businesses based on the details of their original proposals. Previously, MIC took action on rule-breaking businesses by giving a warning, withdrawing incentives and revoking licences, based on their breaching levels.
 
“Starting now, MIC will take action on them through a blacklist system so that they cannot invest in other businesses in Myanmar. We will first inspect the business, if we discover a minor breach in regulations we will first send a warning message. If they continue to get worse, we will take actions against them, step by step,” U Aung Naing Oo, MIC secretary and also director general of the Directorate of Investment and Company Administration (DICA), said.

MIC-approved investments must submit their quarterly reports of operation to the Committee so that the commission can trace their investment and determine if it’s in line with the rules and regulations.

“For example, if in the proposal a company wrote about employing more than 1,000 employees and within three months of their business launching they have employed 500 employees, that is something they have to report to MIC. The MIC’s supervisory committee will trace and inspect their operation to determine if that report is reliable or not,” U Aung Naing Oo said.

In terms of environmental conservation, the Committee is working together with relevant ministries and launching field inspections to monitor the investment’s environmental impact.

During the USDP-led government, MIC took action on three companies by withdrawing their licences. During the NLD-led government, the MIC has launched 60 field inspections and had already sent warning messages to some businesses, according to U Aung Naing Oo.
Zayar Nyein
 
Source; Myanmar Business Today
              

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