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

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, was surpassed by 11 percent in the case of Yoma Bank, and by more than 16 percent in the case of the worst offender, the Construction, Housing and Infrastructure Development Bank, junta mouthpiece the Global New Light of Myanmar reported. The other banks named were the Myanmar Citizens Bank, Ayeyarwady Bank, the Small & Medium Enterprises Development Bank, United Amara Bank, and Myanmar Metro Bank. According to two official sources in Naypyitaw, two Yoma executives have been released since they were first detained, but Serge Pun and the others remain in custody. It was unclear at the time of reporting if any executives from the other banks were also being held by the regime. Over the past month, the junta has made numerous arrests targeting merchants, money changers, and others, all aimed at reining in rampant inflation and stemming the flow of money out of the country amid a dramatic decline in the value of the kyat. On June 3, state media reported the arrest of several individuals accused of illegally transferring money to neighbouring Thailand to purchase real estate. At the time, Serge Pun was identified as one of those being questioned in connection with an alleged scheme to sell condominiums in Bangkok under a 25-year instalment plan. His Yoma Strategic Holdings released a statement two days later denying that it had any involvement in the sale of Thai properties. Later in the month, on June 28, the company reported to Singapore’s stock exchange, where it is listed, that it had purchased a 20 percent share in Yoma Fleet from Japan-based Tokyo Century Asia. This made it the full owner of the company, which leases and rents vehicles and other equipment. This divestment by the Japanese company came just days before the regime announced that it had arrested the director of a Japanese supermarket chain for price gouging. Serge Pun was born in Yangon but later migrated to China. Since returning to the country of his birth, he has cultivated friendly relations with the military, which in November 2022 awarded him the title of Thiri Pyanchi, one of its highest honours. His business empire stretches out across real estate, hotels, banking, tourism, and healthcare. The companies under his control include Yoma Bank, First Myanmar Investment Co. Ltd, and Yoma Strategic Holdings. Contacted last month about reports of his detention, a spokesperson for Yoma Strategic Holdings declined to comment, calling the reports “misinformation.” In a further sign of the company’s troubles, at the end of June, Thailand’s Kasikornbank reportedly notified its Myanmar customers that it was “tentatively” planning to terminate banking services, including US dollar bank accounts, offered in partnership with Yoma Bank and other banks in Myanmar.

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

Subscribe for full access

In Myanmar’s heartland, desperation fuels a shadow trade in stolen identities

How the global fuel crisis is upending Myanmar’s rice supply chain

No way out: Junta airstrike leaves prisoners burned alive in AA camp

Killing their own: How Myanmar’s military targets those left behind

Subscribe for full access

Related Articles

Myanmar resistance groups reject junta chief’s 100-day surrender ultimatum

Myanmar regime kills six in airstrike on market in Sagaing’s Taze Township

In Myanmar’s heartland, desperation fuels a shadow trade in stolen identities

TNLA faces backlash after congratulating junta leader on self-declared presidency