26-7-2024 (SINGAPORE) Prominent Myanmar businessman Serge Pun has resigned from his position as executive chairman and director of Yoma Strategic Holdings Ltd, a Singapore-listed conglomerate, amidst an ongoing investigation by Myanmar’s military junta into banking activities in the country.
The company announced Pun’s immediate departure in a statement filed with the Singapore Exchange (SGX) on Thursday evening. This development comes as Pun, one of Myanmar’s wealthiest individuals, is currently being questioned by authorities in his home country.
Yoma Strategic Holdings, a diverse conglomerate with interests spanning real estate, mobile financial services, food and beverage, heavy equipment, and passenger vehicles in Myanmar, cited “recent developments” and “a level of uncertainty” regarding Pun’s engagement with Myanmar authorities as the reason for his stepping down.
The resignation follows scrutiny of Pun’s banking business by Myanmar’s central bank. Earlier this month, the central bank announced that action would be taken against seven banks, including Yoma Bank Ltd, for allegedly issuing loans exceeding prescribed limits.
In response to queries from the SGX last week, Yoma Strategic confirmed that Pun was in Myanmar’s capital, Naypyidaw, cooperating with authorities. The company stated that Pun had not been detained or placed under house arrest but was staying in accommodation provided by relevant authorities.
However, the statement revealed that Pun and two other company employees do not have “complete unrestricted use of their communication devices” and are expected to remain in the capital until authorities complete their inquiries. The company emphasised that no charges have been filed against Pun.
In light of these circumstances, the board of directors decided to accelerate succession plans. Pun’s son, Melvyn, has been appointed as the new chairman and chief executive officer of Yoma Strategic Holdings.
