President of Myanmar Nominates Deloitte Partner Soe Win To Be Next Finance Minister of Myanmar

Photo by Nhan Dan newspaper

Win Myint, the President of Myanmar, has announced that Soe Win, the managing partner of Deloitte & Touche in Myanmar, has been nominated to be the next finance minister of the country.

It is expected that the parliament of Myanmar to confirm the appointment of Soe Win sometime this week after the resignation of Kyaw Win, the last finance minister, last Friday following an investigation into a possible corruption.

Soe Win is 80 years old. Win is a seasoned financial professional and in the past, has worked at the Myanmar Foreign Trade Bank and was the founder of Myanmar Vigour, an advisory agency which became a member company of Deloitte in 2015.

No official statement has been released aside from a post on the official Facebook page of parliament of Myanmar which stated: “Myanmar President has sent the biography of the nominated person, Soe Win, for the position of the union minister of finance and planning.”

An explanation is yet to be given by the parliament as to why Kyaw Win resigned from his position other than the President writing in a statement that was posted on the Facebook page that he was “allowed to resign.”

According to reports from the local media, the Anti-Corruption Commission (ACC) of Myanmar has been investigating Kyaw Win for some time regarding allegations of corruption that were made against him.

Details of the said probe have not yet been released to the public. However, it would be the highest-level corruption investigation of Myanmar since Aung San Suu Kyi, the de facto leader, came into power in 2016.

The appointment of Soe Win may reassure potential investors who are concerned about the slow-moving financial reform and the lack of focus on the economy by the current administration of  Suu Kyi.

According to some human rights groups and the United Nations, aside from the criticism over sluggish reforms on the economy, Suu Kyi has also been slammed with international condemnation for a military operation that has sent almost  700,000 Rohingya Muslims escaping to neighbouring Bangladesh.