Singapore – A Myanmar tycoon being questioned by junta authorities in his home country has stepped down as chairman of his Singapore-listed conglomerate, the company said.
Serge Pun, one of Myanmar’s richest individuals, was stepping down as executive chairman and director of Yoma Strategic Holdings Ltd “with immediate effect”, the company said in a press statement filed with the Singapore Exchange (SGX) on Wednesday evening.
The Yoma Group has interests in real estate, mobile financial services, food and beverage, heavy equipment and passenger vehicles in Myanmar.
Pun’s banking business has come under scrutiny in Myanmar.
The country’s central bank said earlier this month that action will be taken against seven banks including Yoma Bank Ltd, for giving out loans that exceeded central bank limits.
“Recent developments in Myanmar have created a level of uncertainty with respect to Mr. Serge Pun and his engagement with the Myanmar authorities concerning banking activities in the country,” the statement said.
“In light of these circumstances, Mr. Serge Pun, along with the Board of Directors… have determined that it is in the best interest of the company, its shareholders, its employees, and its customers to accelerate… succession plans,” it said.
In response to queries from SGX last week, the company confirmed that Serge Pun was in the Myanmar capital Naypyitaw but said it had not been informed that the tycoon has been detained or placed under house arrest.
Serge Pun is “staying at accommodation provided by the relevant authorities and cooperating with the relevant authorities,” the company said.
“No charges have been filed against him,” the company said.
It said, however, that Serge Pun and two other company employees “do not have complete unrestricted use of their communication devices and would be expected to remain in [the capital]… until the relevant authorities have completed their queries”.
Pun’s son Melvyn has been appointed chairman and chief executive officer of the company, according to Wednesday’s statement.
