YOMA Strategic has made clarifications to an article published by news agency The Irrawaddy and said there are no investigations by Myanmar authorities involving the group, its directors, employees or businesses.
The article, published on Friday (Aug 16), stated that Yoma’s former executive chairman Serge Pun misused public funds and allegedly used criminal proceeds from online scam centres to invest in the expansion of Star City, a real estate project in port city Thanlyin in the Yangon region.
The news agency also said Chinese authorities asked the regime to investigate the source of funding for the expansion.
On Sunday, the Myanmar-focused company denied these allegations and said the article contained “untrue, inaccurate or misleading allegations”. It added that Star City is currently a “vibrant community” with more than 6,000 residents that has not required or received external funding in recent years.
The Irrawaddy reported that misusing public funds and allegedly using criminal proceeds are two additional charges that Pun is facing, after being charged with money laundering and “other illegal transactions” in late July.
Yoma highlighted that the group was not contacted for comments or clarification before the news agency published the article.
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It said: “The group is seeking legal advice and is prepared to take all necessary action to protect its interests and defend itself.”
Yoma added that it complies with applicable laws and “remains focused on (its) strategic priorities”, with operations continuing uninterrupted.
In July, Yoma said no charges had been filed against Pun over alleged violations of banking regulations. This was in response to an article published by news agency Myanmar-Now, which stated that Pun was held in junta custody for more than a month and detained along with eight senior employees of Yoma Bank and Yoma Land.
Last week, the group said it had appointed two new directors, including Pun Chi Yam Cyrus, son of Serge Pun.
Yoma owns real estate, financial, food and beverage, and transportation businesses in Myanmar.
Yoma’s shares closed 1 per cent or S$0.001 lower at S$0.101 on Friday.
