Yadanapon shop owners await compensation

Oct 21, 2008 (DVB), Business owners in Mandalay’s Yadanapon market have said they are still waiting to be informed by authorities if they will be compensated after the market burnt down in February.

Shop owners are also waiting for their insurance claims to be processed, eight months after the fire.

The four-storey Yadanapon market opened in 2006. The first floor, where the popular Sky Walk shopping mall was located, was insured by a Malaysian fire insurance company, one shop owner said.

"We bought insurance for our shops from Malaysia Assurance Alliance Berhad via the Mann Yadanar Holding Enterprise," the shop owner said.

"[The Malay company] have a branch in Rangoon MICT in Hlaing township," he said.

"Only around 40 business owners out of over 80 on the first floor bought the insurance because the rest didn’t even know they were supposed have the insurance," he went on.

"The total insurance we paid them was 3.3 million US dollars for the whole floor."

About 30 businesses owners whose shops were located on the first floor have formed a committee to claim their insurance money back as they have still not received anything eight months after the fire.

"We don’t know what is causing the delay in returning our money to us so we have sent a letter to the company’s branch office in Rangoon to ask them to do something about it," the shop owner said.

"So about 30 business owners have formed a working committee to reclaim the insurance money," he said.

"But we are still worried as we also have not heard anything regarding whether we will have be given our shop spaces back by the municipal authorities."

The shop owner said they had been told that the company's chief executive had been on a trip.

Reporting by Yee May Aung

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