Cronies Disappointed As US Sanctions Extended

RANGOON — In wake of the extension of most of the US sanctions on Burma on Tuesday, several cronies have remained on the Specially Designated Nationals (SDN) list, despite the expectation that they would be removed. Sanctioned businessman Khin Shwe, chairman of the Zay Kabar Group of companies, told The Irrawaddy, “Some people have suggested […]

Civil society condemns crony capitalism

Civil Society Organisations (CSOs) have unanimously agreed at the Myanmar People’s Forum that a handful of cronies who have close ties with the government are becoming richer thanks to the inflow of foreign investment. The CSOs and attendees to the forum held in the Diamond Jubilee Hall said only cronies got the green light to […]

Aid groups in Myanmar trip over links to elite

YANGON, MYANMAR — Staff hired to work with the U.S. government’s aid agency in Myanmar are preparing to move out of their office following revelations their landlord is a notorious former spymaster who oversaw the imprisonment and torture of thousands of pro-democracy activists. The debacle surrounding Development Alternatives Inc., a company contracted by USAID to […]

Cronies & Coal

YANGON- Cronies have been granted hydropower projects on Ayeyawady and Thanlwin Rivers including the Myitsone dam without public notice. Moreover, 23 firms including cronies’ companies were granted hydropower projects and they were also allowed to generate and distribute power in 84 townships across the nation. The tycoons also received the green light to build natural […]

U.S. Pushes Myanmar Firms to Get Off Blacklist

The U.S. is telling Myanmar companies it once designated as cronies of Myanmar’s former military junta now may be the time to get off the American blacklist. The effort highlights just how much of Myanmar’s economy remains under sanctions and the challenge for companies seeking to wade into the new terrain. State Department officials met […]

Burmese Tycoon Tay Za Under Scrutiny

By Jared Ferrie Myanmar tycoon Tay Za leans back and fulminates against the U.S. government as a playful pet bear cub scrambles up his alligator-skin chair. “They are world police,” he says, complaining that U.S. sanctions are stifling his businesses and officials are scrutinizing his every transaction. As Tay Za speaks, attentive staff intervene occasionally […]

How does one get off the US Sanction List?

Based on the discussion that I had with a US Embassy official in Yangon on their recent activity in inviting Myanmar people (eg Tay Za of Htoo & Company and Steven Law of Asia World) on the OFAC SDN List for a discussion on what they can do to remove themselves from the SDN List […]

U.S. Urges Myanmar Nationals to Work Harder to Get Off Sanctions List

The U.S. is urging Myanmar nationals hit with economic sanctions to work harder to remove themselves from the blacklist, a move that could enable American businesses to access a wider network of contacts in the quickly opening country. The list—administered by the U.S. Treasury department—freezes the assets of around 200 individuals, companies and other entities […]

Securities and Exchange Commission set to debut, Daiwa says

Despite delays in the process, Myanmar will get the Securities Exchange Commission this month or next, according to Daiwa Securities Group, which is helping Myanmar authorities set up a stock market here. The government plans to launch the stock exchange in 2015. Although Parliament passed a Securities Exchange Law on July 31, 2013, its implementing […]

Right local partner key for Thai SMEs looking to Myanmar

Thai small and medium-sized enterprises looking to establish a footprint in Myanmar should find the right local distribution partners, and their products should not be dependent on the country’s currently underdeveloped infrastructure, according to experts in doing business there. Speaking at the second session of the “Thailand-Myanmar Trade Investment Relations in the Age of AEC” […]