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Burmese Government Takes Over Private Bank

  • VOA News

The Burmese government has taken over a privately owned bank. Soldiers guarded branches of the Burma Universal Bank on Monday as panicked customers gathered to withdraw their funds.

Bank staffers told customers their withdrawals would be limited to about three-thousand dollars. Some witnesses said only about 100 people were allowed to make withdrawals at each branch.

The bank's closure follows the arrest Friday of one of the bank's major shareholders, Tin Sein.

Though the government has given no reason for his arrest or the closures, in March it shuttered two other banks -- Asia Wealth Bank and the Mayflower Bank -- after investigating them for money laundering.

Information for this report is provided by AP.

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