Starting Price 97 Billion Won, Still Unsold in Reauction
The residence of Aung San Suu Kyi (79), Myanmar's State Counsellor who is currently imprisoned, has once again failed to sell at auction.
According to foreign media on the 15th, the Myanmar military regime announced that no bidders came forward during the auction of the Suu Kyi family residence located by Inya Lake in Yangon, Myanmar's largest city.
Previously, this residence was put up for auction in March but failed to sell, leading to a re-auction held on this day.
The two-story house, situated on approximately 8,000㎡ of land, was given by the government to General Aung San's wife, Khin Kyi, after the Myanmar independence hero was assassinated in 1947. Suu Kyi spent her childhood here and was placed under house arrest for 15 years during the pro-democracy movement.
Suu Kyi has been engaged in a legal dispute with her brother Aung San U over this historic building, which symbolizes modern Myanmar history.
U, a U.S. citizen, filed a property division lawsuit against his sister in 2001, claiming inheritance rights to half of the residence and land shares.
In 2016, the court ruled that Suu Kyi owns the residence, while U owns another annex building.
In 2018, U filed a special appeal requesting to sell the property and share the proceeds. The Supreme Court, effectively controlled by the military regime, accepted this in August last year, leading to the auction.
The minimum starting price was about $90 million (approximately 125 billion KRW) at the March auction based on the market exchange rate, and this time it was reported to be around $70 million (approximately 97 billion KRW).
Suu Kyi was sentenced to 33 years in prison by the military court after the February 2021 military coup on charges including corruption. Some pardons have reduced her sentence to 27 years.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
