Business
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Myanmar regime further tightens foreign trade regulations
Junta requirements of major deposits from exporters, the speedy remittance of earnings into bank accounts, and fixed exchange rates are ‘destroying’ the industry
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Singapore-based developer divests from Myanmar real estate project
The company, whose lease payments to the Myanmar military were uncovered by activist investigators in 2021, sold its stake in a massive Yangon complex on military-owned land to another, newly formed company managed by its own employees
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Exposing the junta’s efforts to finance its war on Myanmar’s people
Myanmar regime opens bogus bank accounts to bypass Western sanctions on MOGE The Myanmar regime has established a fraudulent entity to replace the banking details of its oil and gas venture in an attempt to access sanctioned funds outside the country originally paid by foreign partners, according to an internal document leaked to Myanmar Now. The letter, dated April 19, outlines a request by the regime’s energy ministry to the Central Bank of Myanmar (CBM) to create separate bank accounts in US dollars, Chinese yuan or renminbi, and Thai baht. It asks that the accounts be registered under the name “Kant Kaw”—a type of Burmese flower—at the state-owned Myanma Economic Bank (MEB) in the military capital of Naypyitaw. The purpose of the move was to replace the previous banking information of the regime-controlled Myanmar Oil and Gas Enterprise (MOGE), which serves as the primary source of foreign revenue for Myanmar’s military junta, generating hundreds of millions of dollars from natural gas projects. 19 military officers selected for management roles at Myanmar’s largest commercial public bank Since the European Union (EU) imposed sanctions on MOGE last February, more than US$504.3 million has been held in foreign bank accounts by the enterprise, the leaked letter explained.…
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Junta awards tender for online lottery system to military-owned Mytel
In an apparent attempt to boost falling revenues after boycotts of the national lottery since 2021, the regime has contracted the the telecommunications firm to manage ticket sales via the internet
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Finnish firm operating in Myanmar denies maintaining ties to sanctioned entity
Wärtsilä claims to have severed its relationship with Myanmar firm MCM and its ex-director, known arms broker Aung Hlaing Oo, dismissing leaked documents suggesting otherwise as a ‘forgery’
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