Myanmar’s military regime has seized bank accounts of billionaire George Soros’ funded Open Society Foundation (OSF) and arrest warrants have been issued for 11 OSF staff members, including its head and deputy head. The decision of the government was announced on MRTV.
The regime has also said that it will take legal action against the foundation for violating restrictions placed on the activities of such organizations in the country. The OSF is accused of giving financial support to the civil disobedience movement against the military junta.
The regime also said that the OSF failed to obtain approval from the Central Bank of Myanmar (CBM)’s Foreign Exchange Management Department for a deposit of US$5 million (7.04 billion kyats) with the Small and Medium Enterprise Development Bank (SMED) in Myanmar in 2018. The foundation is also accused of illegally withdrawing $1.4 million from its account at SMED a week after the military takeover in Myanmar, as the civil disobedience movement was gaining momentum among civil servants across the country, reports the Irrawady.
Initiating action against OSF, military government took control of assets of OSF totaling $3.81 million and 375 million kyats in OSF bank accounts at four private banks—Kanbawza Bank (KBZ), Ayeyarwady Bank (AYA), SMED and Co-operative Bank (CB), according to MRTV.
Financial Irregularities of OSF
The military said it had begun taking control of all illegal flows of money to OSF Myanmar, saying the foundation had breached the law that lays down the rules and regulations for organizations in the country. It said it would take legal action against SMED for allowing OSF to deposit $5 million and withdraw $1.4 million without obtaining approval from the CBM.
Following the coup, the military regime launched an investigation into the finances of the Daw Khin Kyi Foundation, a charity founded by Daw Aung San Suu Kyi. The foundation was accused of illegally receiving funds from OSF.
On March 12, the CBM notified all international non-governmental organizations (INGOs) and nongovernmental organizations (NGOs) that they would be required to report all financial transactions involving international organizations or individuals from abroad, with relevant bank account information, since April 1, 2016.
The order indicates that the military regime intends to investigate the financial transactions of organizations since the National League for Democracy (NLD) took office in early 2016.
Myanmar’s military government said the OSF office in Myanmar came about after George Soros met ousted Myanmar State Counselor Aung San Suu Kyi four times between 2014 and 2017. It said OSF deputy chair Alexander Soros met Aung San Suu Kyi six times from 2017 to 2020. Many in Myanmar including leaders of the Union Solidarity and Development Party have accused Soros of manipulating Myanmar’s politics by supporting civil society organizations and unrest in the country.
Bhagyashree Gupta 
Balaji Subramanian 
Dr. Niranjan B Poojar