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HomeBreakingAuction on Aung San Suu Kyi’s home fails to attract bids

Auction on Aung San Suu Kyi’s home fails to attract bids

FROM THE DVB NEWSROOM

The regime’s much anticipated auction of Aung San Suu Kyi’s family home at 54 University Avenue in Yangon ended in failure as no bids were made on March 20. This was attributed to its historical value, exorbitant starting price, and ongoing legal disputes between Aung San Suu Kyi and her brother Aung San Oo, according to legal experts.

The starting price set by the Kamayut District Court of 30 billion kyat ($90 million USD) was solely based on Aung San Oo’s proposal as the defendant. The regime aims to sell the property where Aung San Suu Kyi lived for 15 years out of 20 years under house arrest. No bids were received by Wednesday afternoon, prompting the auctioneers to postpone.

Legal proceedings surrounding the auction have further complicated the situation. A revision filed by Aung San Suu Kyi’s legal team to the High Court of Yangon Region seeks to amend the auction’s starting price, arguing that the initial figure does not align with legal standards. 

Until a decision is reached on the revision, any potential buyer’s bid remains uncertain as does the auction. Legal experts estimate that this process may take 3-6 months, considering the typical court proceedings.

“It’s an extraordinary case—a property steeped in value throughout the country’s history. Remarkably, despite the ability to afford the auction’s starting price, potential bidders refrained from participating. Their reluctance stemmed from a desire to avoid any historical stigma,” said legal expert Khin Maung Myint. 

“The auction’s failure can be attributed to two factors: the exceptionally high starting price and the immense historical significance of the land and house. In essence, no one wished to bear the weight of history’s judgment,” he added.

The auction order was rendered by the Supreme Court following Aung San Oo’s application to regime Chief Justice Tun Tun Oo in October 2021, requesting possession of his share of the property as per a Western Yangon District Court order in 2016. 

Notably, 54 University Avenue has been designated as a national cultural heritage by the National Unity Government (NUG), with its President’s Office spokesperson Kyaw Zaw warning of legal action against any individuals or entities involved in the property’s sale or purchase.

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