MyanmarNews

Serge Pun, one of Myanmar’s top tycoons, detained in Naypyitaw

The businessman has been held for more than a month as his Yoma Bank is accused of exceeding lending limits

One of Myanmar’s leading businessmen, Serge Pun, has been held in junta custody for more than a month over alleged violations of banking regulations, according to official sources.

Pun, who is also known as Theim Wai, was summoned to Naypyitaw in early June and has since been detained there along with eight senior employees of his Yoma Bank and Yoma Land property development company, the sources told Myanmar Now.

A source who spoke on condition of anonymity confirmed that the 71-year-old tycoon is being held under “house arrest” as he faces unspecified charges.

On July 1, the junta-controlled Central Bank of Myanmar announced that it was taking action against seven banks, including Yoma Bank, under Section 154 of the Financial Institutions Law for exceeding a cap on how much they could offer in housing loans.

That limit, set at 5 percent of their total lending portfolios. . .

Subscribe for full access to

Get unlimited access to high-quality reporting from the frontlines and support independent journalism.

Subscribe Now

Related Articles

Back to top button