Military leader Min Aung Hlaing has purchased the aircraft he and his family had been leasing, completing the acquisition on February 11, 2024. The Airbus A319-115 aircraft, previously leased from AVIATION CAPITAL GROUP in the United States, was purchased for approximately $60 million. The purchase was formally made through MAI Airlines, owned by military crony Aung Aung Zaw, who serves as a key business ally for the military regime.
Aung Aung Zaw, who has become a crucial economic pillar for Min Aung Hlaing, established 24 Hours Company in 2003. He began his business ventures with real estate and mining operations through military connections. By 2005, he had secured licenses for coal, gold, tin, and titanium mining operations, and in 2013 expanded into palm oil plantation business. His business empire grew significantly following Min Aung Hlaing’s military coup, diversifying into aviation fuel and petroleum distribution, energy sector collaborations with Russia, and power generation projects. He has also extensively developed construction projects, including infrastructure development and airport upgrades.
The business relationship between Aung Aung Zaw and the military regime has grown increasingly intertwined, with his companies playing vital roles in various sectors of Myanmar’s economy. His operations now span energy infrastructure, mining, agriculture, construction, and transportation sectors, making him one of the most prominent business figures in post-coup Myanmar. His close association with the military regime has facilitated his rapid business expansion, particularly in strategic sectors that are crucial for the military’s operations and economic interests.
