Maung Weik

Maung Weik - Maung Weik & Family / Sae Paing Development

Maung Weik

Birth:   11 January 1973
Source of wealth:  Maung Weik & Family / Sae Paing Development

Type:   Private
Founded:   1994, 2005
Address:  No.334/344, 2nd Fl, Anawarahta St, Lanmadaw Tsp, YANGON No.20/A, Parami Road, Mayangone Township, Yangon
Business: Construction, Real Estate, Trading and Shipping, Marketing, Health Care

Maung Weik & Family was set up in 1994, specializing in the import of metal products and export of maize. In 2005, Maung Weik established Sae Paing Development. He is also acting as the managing director of Mandalay Business Capital City Development (MBCCD) which is working on the Amarapura Urban Development project. Maung Weik is widely known as a constructor and a top figure of import/export business.

“We are always available and consistent to collaborate in every task for the benefits of our community.”

Today renowned as Myanmar constructionentrepreneur, Maung Weik is from Pathein,the youngest son among three siblings. Akeen golf player, Maung Weik has represented Myanmar at International Golf Toursin 1991, 1992 and 1993. In 1995, he wasconferred a Geology Degree at Yangon University. Seeing potential and many changesin Myanmar’s economy, he decided to enterinto business leveraging his governmentconnections and golf-playing friendships.In 1994, he set up a business under the titleof “Maung Weik & Family”. With supportfrom his father, his business began in importing steel products and exporting maizeand beans. Using profits from steel productdistribution, he then expanded into the construction sector.

In 2001-2002 and 2003-2004 fiscal years,“Maung Weik & Family” was awarded third prize and first prize respectively, on the basisof Maximum Exporting Unit, and maintained a consistent tax record. Maung Weik’stalented social skills and management capability led him to become one of the richestbusinessmen of the 2000s. While assistingin the rehabilitation processes in KyaiklatTownship, affected by Cyclone Nargis inMay 2008, he was arrested at a meeting hallfor business misconduct, including drugs.Reports said he had been sentenced by theSupreme Court to a total of 18 years imprisonment. “Maung Weik & Family” wasordered by government to shut down and allrunning projects were stopped. Construction Magnate Maung Weik was imprisonedin November 2008; while serving his jailsentence he was very active in religious andcommunity welfare. He was released on 3January, 2014, in the Myanmar Presidential Amnesty. To restore his company and sociallife, he gathered his employees and re-applied on restrain projects and participatedin auctions on upcoming projects alongsideother companies. He restored his businesswith the sale of his own property (real estate), loans from local banks and help fromfriends. He successfully rebuilt his socialstatus and was included among the top local 20 businessmen to meet with the formerPresident of Myanmar, Thein Sein.

Maung Weik is also the founder andChairman of Sae Paing Development. 45thstreet complex is being constructed on 1,781acres land of downtown area by Sae PaingConstruction and many other constructionprojects are also underway. Maung Weik hasinvested in 12 of his friends’ companies toengage in other business sectors.

“Maung Weik & Family” has imported the steel materials and gilding glue used in the construction and maintenance of pagodas. His company has also exported beans, domestic agricultural products and marine products. Several projects and schools were given to his company by the previous government. Maung Weik has also donated K10 million (approximately US $7,000) to the Board of Trustee Office of Shwedagon Pagoda for religious and donation occasions.

Maung Weik is the Chairman of MandalayBusiness Capital City Development, currently executing the Amarapura Urban Development project. The project covers 2,500 acresand his company is working on the waterplots on the alluvial lands and cultivatedlands along the Ayeyarwady River. Hotels,hospitals, schools, harbors, supermarkets,parks and buildings will feature in this landfill project. The project will run for 10 yearsand the initial investment of his company isK 500 billion. Amarapura Urban Development project has been permitted by Mandalay City Development Committee (MCDC)since former government reign. MCDC willenjoy 25% and Mandalay Business CapitalCity Development will take 75% from theproject. MCDC plans to change its status tothat of a public company and issue shares.

The former Chief Minister of Yangonopened tender for New Yangon Development project and Maung Weik was one of the threecompanies selected. However, the currentgovernment canceled the tender and established New Yangon Development Companyto implement the project. The governmentwill share the construction sites proportionally among the companies and Maung Weik’scompany is rumored to gain some.

Although he became successful at youngage and has close relations with governmentofficials, he has always kept a low profile.When he was freed from the prison, hismeeting with the former President TheinSein was the only prominent contact withofficials. However, he appeared again beforethe public to speak up for the difficultiesbusinessmen were facing when constructionsectors struggled during 2018. Today, MaungWeik maintains a good friendship with thegovernment authorities, the military officials and their children. He is married to YinMin Thee, niece of current vice-president(1) Myint Swe – the former Chief Ministerof Yangon Region. Maung Weik has been agenerous donator to natural disaster-affected areas. Mandalay Business Capital CityDevelopment and Sae Paing Developmentalso donated K1,500 million to Rakhineand the Chairperson of Union Enterprise forHumanitarian Assistance, Resettlement, andDevelopment in Rakhine (UEHRD). H.EAung San Su Kyi has awarded the certificateof honor to Maung Weik.