Myanmar’s military regime has blacklisted 28 companies, including two Chinese state-owned firms, for failing to remit export earnings of more than US$500,000 to junta-designated domestic banks.
The blacklisted companies operate in the logging, tourism, electronics, and import-export sectors and are based in Karen State and Yangon, Tanintharyi, and Bago regions.
Among them are China International Forestry Group Corporation, Ltd. and Chengfang Co., Ltd., both owned by the Chinese government.
The Japanese electronics company IIDA Electronics (Myanmar) Co., Ltd., which imports and distributes around 20 electronic products, including electric motors, air conditioners, and transformers, was also placed on the blacklist.
The junta-controlled Directorate of Investment and Company Administration reported that these companies had failed to repatriate export earnings of $500,000 or more.
In an effort to shore up Myanmar’s foreign currency reserves, the regime has mandated that all companies operating in. . .
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