The junta-controlled Directorate of Investment and Companies Administration (DICA)—Myanmar’s business registrar—announced on Monday that eight firms had been blacklisted for alleged malfeasance in importing palm oil.
Ayeyar Hinthar Holdings, a company founded by prominent businessman Zaw Win Shein, was among the businesses on the blacklist, which also included Six Winner Brothers, Diamond Dragon, First Top Edible Oil, Thein Than Yadanar, Jewel Arrow, Agri One Trading, and Grand Unity.
In addition to owning and founding the Ayeyar Hinthar conglomerate, Zaw Win Shein is also known for chairing A Bank and acquiring the telecoms company Ooredoo-Myanmar.
DICA claimed that the blacklisted companies had failed to comply with the Myanmar Companies Act, but it remains unclear what violations the businesses committed and what penalties they may face.
The business registry’s announcement underscored that companies incorporated using its online registration system must adhere to. . .
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