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1. The
Origin of Air Bagan and its Objectives
A. The forerunner of HTOO GROUP OF COMPANIES
(HGC), including Air Bagan Ltd, was Htoo Co.,
established in 1958, in the times of Parliamentary
Democracy System, long before the Socialist era.
During the period of Socialist Economy System, Htoo
Co. no longer existed as a company, but, as a family
business, continued running rice mills and saw
mills. I, Chairman of HGC as well as Air Bagan Ltd.,
started my business career supervising the same
business in Gyo Bin Kauk in 1984.
B. Following the introduction of market
oriented economy in Myanmar in 1990, Htoo Trading
Co., Ltd. was established as a trading company
specializing in logging and timber exports in
addition to rice milling and saw milling business.
Htoo Trading Co., Ltd. started business in a small
way. A well-planned re¬investment strategy and my
personal ambitions for expansion and enlargement
drove Htoo Trading Co., Ltd. towards the formation
of the economic entity named "HTOO GROUP OF
COMPANIES".
C. Under HTOO GROUP OF COMPANIES there are
many subsidiaries dealing
with trade, logistics, hotel and tourism,
construction, airline, agriculture and industry-.
D. The founding of Air Bagan dates back four
years to early 2003, when preliminary studies were
done and work plans adopted for the creation of an
airline. Air Bagan Ltd. is a company established
with an organized structure and short-term and
long-term plans from the beginning. We usually
explain these missions and objectives (see
attachment) to MBA students and delegates on
excursion from other companies and organizations.
2. Air Bagan's Position at Present and Social
Contributions
A. Air Bagan's position
a) Air Bagan Ltd., which was established with
aforementioned good intentions and objectives for
Myanmar and our people, is facing myriad of problems
because of wrongful sanctions imposed by the US
administration. Due to restrictions of banking
facilities, Air Bagan is encountering operational
difficulties. Under the circumstances, Air Bagan's
Singapore flights have been suspended. The sanctions
are misguided and unfair. Air Bagan Ltd. is a
legally constituted company with funds earned
through 100% legitimate means. No government
official or party outside of HGC owns any share in
Air Bagan. The capital of Air Bagan is not related
in any way with such businesses as drug trafficking,
arms sales and money
laundering but comes from the earnings of HGC
through other legitimate businesses. Correct details
of our trade volume are available from the
independent study group Myanmar Survey Research or
can be accessed on their website
vvww.myanmarsurveyresearch.blogspotcom. It will be
seen "that we have the biggest trade volume compared
to other private companies in Myanmar.
b) HGC does not hold any monopoly on any business
sector. HGC has gained permissions and licenses for
all of its businesses through fair competition. HGC
does not have any monopoly on the most lucrative
businesses in the world such as
Telecommunications, TV and Broadcasting Services and
Fuel Oil. We are not
even involved in those areas.
c) On the internet and in the media, there has
recently been a surging stream of damaging
misintormation about our companies. There have been
allegations that I
am the son-in-law of one of the senior members of
the state. It is totally untrue and I categorically
and utterly refute these allegations. My being
alleged as the son-in-law not only affects me but is
an insult to the family of the senior member of the
state. I regret that they should have been subjected
to this. 1 would like to announce from here that we
will take all necessary actions including legal
action against all parlies who persist in the
propagation of these malicious rumors.
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