Myanmar ousts investment bigwigs

Myanmar ousts investment bigwigs

YANGON (AP): The top members of Myanmar's powerful investment board have been replaced, the official Gazette announced on Friday.

The Gazette, which is the publication of record for government activities, gave no reason for the shakeup of the Myanmar Investment Commission.

Investment approvals in Myanmar have plunged 95 percent in the last fiscal year as the economy buckled under pressure from alleged mismanagement, foreign sanctions and the Asian economic crisis.

According to the Gazette, the chairman of the commission, Deputy Prime Minister Vice Admiral Maung Maung Khin, was replaced by Thaung, minister for science and technology.

The commission's deputy chairman, Deputy Prime Minister Lt. Gen. Tin Tun, was replaced by Minister for Electric Power Maj. Gen. Tin Htut, and its secretary, Air Force Brig. Gen. Maung Maung, was replaced by Deputy Minister for Electric Power Army Brig. Gen. Maung Maung.