Myanmar’s Shadow Government Hopes to Raise $1 Billion From Revolution Bond
Myanmar’s Shadow Government Hopes to Raise $1 Billion From Revolution Bond
(Bloomberg) -- A parallel government floated by the supporters of Myanmar’s ousted leader Aung San Suu Kyi aims to raise as much as $1 billion from a sale of bonds to fund its efforts to topple the military regime.
The National Unity Government raised $9.5 million within 24 hours of the opening of the sale of its so-called spring revolution special bonds, Public Voice Television, a channel run by the group, reported Wednesday.
The bonds will be sold in phases, with the first tranche expected to raise $200 million from mostly Myanmar citizens overseas. The two-year notes, offered in four denominations of $100, $500, $1,000 and $5,000, carry no interest.
The demand for the revolution bonds was so overwhelming that it disrupted the digital banking services of some banks, according to the Public Voice Television. DBS Group Holdings Ltd., which faced a second day of outages in its online banking services, said on Twitter that there was no truth in rumors that the disruption was linked to the sale of bonds by Myanmar’s shadow government.
Military-run government spokesman Zaw Min Tun didn’t immediately respond to calls requesting comments.
The National Unity Government has declared war against the military regime that seized control of the country in February, with its supporters often clashing with security forces. Nearly 1,300 people have been killed and more than 10,000 have been detained since the coup, according to the Assistance Association for Political Prisoners, a human-rights organization.
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