Myanmar’s military regime will hold further timber auctions on June 23 and 24 as it seeks to raise hard currency to fund its coup.
Myanma Timber Enterprise (MTE), the state-run entity which controls Myanmar’s timber sales, held three separate auctions in late May in which nearly 10,300 tons of timber were sold for around US$5 million (8.2 billion kyats). The wood sold reportedly came from a stockpile of 200,000 tons of illegal timber seized under the ousted National League for Democracy government.
A total of 14,181 tons of timber from Sagaing, Bago and Yangon regions and Rakhine and southern Shan State will be auctioned in the June sale. The auction will be held in Yangon’s Dagon Township with buyers bidding online.