A supermarket executive from Japan, who has been in custody in Myanmar since June, has been found guilty of involvement in high rice prices but has been released, as confirmed by Tokyo on Tuesday.
According to state media, the surge in rice prices in Myanmar has been attributed to the El Nino weather phenomenon and hoarding by market traders, but experts point to civil unrest and economic instability following the military coup in 2021 as the main reasons.
Hiroshi Kasamatsu, the director of Aeon Orange which operates multiple supermarkets in Yangon, was arrested at the end of June after junta authorities conducted an investigation into rice mills and supermarkets.
Junta spokesman Zaw Min Tun announced on Monday that Kasamatsu had been “set free,” but did not provide details on whether he was convicted of any crime or if he would be deported.
The Japanese foreign ministry stated that he had been “found guilty and sentenced to a one-year prison term… for violating the law on daily necessities and services.”
“We have been informed that he has been released and is in good health,” the ministry mentioned in a statement sent to AFP.
It remains unclear whether Kasamatsu is still in Myanmar or has returned to Japan.
Aeon, the Japanese retail giant, also verified his release but refrained from giving further comments.
Kasamatsu and three Myanmar nationals were taken into custody on suspicion of breaching the set price under the Essential Supplies And Services Law and “selling rice at inflated prices in an effort to create economic turmoil,” as per the junta’s statement at that time.
The junta spokesperson did not mention if the three Myanmar nationals who were detained alongside Kasamatsu have also been released.
Following the military takeover, the junta authorities have implemented stricter requirements for export and import licenses, as well as tightened regulations on fuel imports.
On the open market, the exchange rate for the US dollar is more than double the central bank’s fixed rate, putting additional pressure on businesses.
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