The Magwe Division government is investigating the disappearance of over 7 billion kyats ($5 million) in development funds under the tenure of the previous government, according to Nay Myo Kyaw, the region’s minister for labour and immigration.

Speaking on the DVB Debate programme on Saturday, Nay Myo Kyaw said that Magwe government had teamed up with the Union Parliament in launching an investigation into the missing funds.

He said that in January, administrators for the current regional government, which is made up of a majority of representatives from the ruling National League for Democracy (NLD), found that 2.8 billion kyats in development funds was unaccounted for – the money had been earmarked as seed money for artisanal oil drilling in the Magwe region.

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Following an internal probe, administrators discovered that as much as 7.4596 billion kyats was missing, the minister said.