July 20, 2024

Reports have emerged that U Theim Wai, Chairman of the Yoma Group and Yoma Bank, has been detained by the junta in Naypyidaw since June 3, 2024. This information was revealed by Yoma Strategic Holdings Ltd based in Singapore, though there has been no official announcement from Yoma Group within Myanmar.

The junta reportedly detained U Theim Wai, also known as Serge Pun, over allegations that Yoma Bank facilitated transactions for condominium sales in Thailand. Following his detention, on July 1, the junta announced an investigation into Yoma Bank and six other banks regarding substantial housing loans.

On July 10, some media outlets reported that U Theim Wai and other Yoma Bank directors were detained in connection with financial irregularities. Despite these reports, Yoma Bank and Yoma Group quickly issued denials, yet did not explicitly refute the claims of U Theim Wai’s detention.

Yoma Bank and Yoma Group’s CEO Melvyn Pun, along with other senior management, are currently managing the company’s financial operations and business activities as usual, according to their official statement.

Sources indicate that U Theim Wai is currently restricted from using communication devices and will remain detained until the junta completes its interrogation. However, no formal charges have been filed against him.

Photo Credit: Yoma Bank