Myanmar’s junta-controlled Central Bank has announced the removal of companies owned by Border Guard Force (BGF) leader Saw Chit Thu from its blacklist, despite rising military tensions following the BGF’s rebranding as the Karen National Army (KNA).
The announcement was made on December 30, stating that Saw Chit Thu’s companies were no longer subject to blacklisting. The decision came at a time when relations between the junta and the BGF/KNA were reportedly strained due to the group’s name change and shifting alignment.
Saw Chit Thu, who serves as secretary of the Karen Border Guard Force with the rank of brigadier general, had more than 190 companies—including those under his ownership—placed on the blacklist on July 1 last year. The companies were accused of failing to repatriate export earnings.
An unnamed security observer criticized the move, saying the timing raised serious questions. The observer said the junta and Saw Chit Thu were locked in tensions over the name change and political realignment on the same day the blacklist decision was reversed, describing the situation as political maneuvering that should not be trusted by either side.
According to the Central Bank, out of 197 companies originally blacklisted for failing to bring export earnings back into the country, 29 companies—including those owned by Saw Chit Thu—were removed from the list after reportedly repatriating their export revenues in full.
The list of companies accused of failing to repatriate export earnings between 2016 and 2020 included Chit Linn Myaing Toyota Company, which is owned by Saw Chit Thu.
