In Myanmar, a country where the majority of people live in poverty, new wealthy elites continue to emerge overnight by aligning themselves with those in power. These “crony businessmen” rise rapidly by cooperating with successive ruling regimes, securing privileges, and benefiting from political connections.
Among the most well-known cronies are Steven Law (U Htun Myint Naing), Serge Pun (U Thein Wai, owner of Yoma Bank), U Tay Za, KBZ founder U Aung Ko Win, U Zaw Zaw, and U Chit Khaing. Because of their public profiles, they cannot easily hide or distance themselves from the authorities. Whenever the rulers summon them, they comply without resistance. Having benefited from the system, refusal is not an option.
Over time, however, these older cronies have begun to lose influence and energy. Meanwhile, a new generation of lesser-known, behind-the-scenes cronies has flourished quietly, largely unnoticed by the public. When people think of “cronies,” they still picture only the famous old names, while many powerful figures continue operating in the shadows.
Through their wealth and networks, these hidden cronies have become a crucial lifeline for the military junta, helping it survive international sanctions and maintain its power. Their financial support has functioned not only as a temporary relief but as a long-term survival mechanism for the regime.
In Myanmar, the word “crony” is widely understood to mean a wealthy person, but it differs significantly from entrepreneurs or industrialists who build businesses through innovation and production. Traditionally, Myanmar had business owners such as oil producers, boat operators, and rice mill owners. Internationally, we see entrepreneurs like the founders of Red Bull, KFC, or Toyota.
Cronies, however, are those who grow rich by colluding with authorities, exploiting natural resources, trafficking restricted goods, or profiting from corruption—often becoming wealthy overnight without contributing to real development. Still, not every wealthy person should be labeled the same way.
Since the military coup of February 2021, one previously low-profile crony has been dragged into the spotlight: Daw Khin Phyu Win, also known by her Chinese name Kyauk Kyar Shwe. She is 63 years old.
Her business operations are so extensive that both the United States and the United Kingdom have imposed sanctions on her and her companies. These include Myanmar-based P.E.I Pte. Ltd, and Singapore-registered PEIA Pte. Ltd and Shoon Pte. Ltd. The UK had already sanctioned her in March 2023.
Her main business involves supplying aviation fuel to the Myanmar military. The reason for these sanctions is clear: the junta uses this fuel to carry out airstrikes that have caused severe harm to civilians.
Her current business entity is called Shoon Group of Companies, formerly known as Asia Sun. She is both the founder and a director, and reportedly serves as a director in more than ten companies.
According to Myanmar’s Directorate of Investment and Company Administration (DICA), Daw Khin Phyu Win is a director of Shoon Energy Thilawa Terminal Company Ltd.
The company was previously known as Puma Energy Asia Sun Company Ltd, a joint venture with Swiss–Singapore-based Puma Energy. In December 2022, National Energy Puma Asia Sun (NEPAS) transferred its shares to Shoon Energy.
NEPAS itself is a joint venture with the junta-controlled Myanmar Petroleum Enterprise (MPE) and is responsible for importing, storing, and selling aviation fuel.
Shoon Energy became the second Singapore-based company sanctioned after the coup, highlighting Singapore’s role as a hub for financial, weapons, and aviation fuel support for the Myanmar military.
Daw Khin Phyu Win has also been listed under the “Dirty Over 30” campaign by Justice For Myanmar (JFM), which exposes individuals enabling the junta’s crimes.
Observers note that she continues operating her business almost normally, allegedly benefiting from Singapore’s lack of strict enforcement.
