June 4, 2024

Following the arrest of five individuals involved in condo trading in Thailand on June 3, rumors have emerged that the Myanmar military junta has detained Yoma Group Chairman Serge Pun (U Theim Wai) and eight directors from Yoma Land and Yoma Bank for questioning.

Reports suggest that the junta’s interest stems from services offered by Serge Pun’s Yoma Land, allowing Myanmar nationals to purchase condos in Bangkok through Yoma Bank’s 25-year installment plans. The junta claims this financial arrangement contributed to economic instability in Myanmar.

Yoma Group, owned by Serge Pun, has denied involvement in any real estate transactions in Thailand, stating that its subsidiaries are not linked to such activities. Yoma Group operates various businesses in Myanmar, including real estate, Yoma Bank, digital payment service Wave Money, Pun Hlaing Hospital, Star City housing project, and food franchises like KFC and YKKO. Serge Pun’s FMI company is listed on the Yangon Stock Exchange.

At 70 years old, Serge Pun was honored with the Thiri Pyanchi title by the junta. Yoma Bank has been accused of supporting the junta by purchasing high-value treasury bonds sold by the regime. In July 2023, a video surfaced of Serge Pun criticizing the People’s Defense Forces (PDF), questioning their capability to capture Naypyidaw.

Since the military coup, Myanmar has faced severe economic decline and hyperinflation, leading many to invest in real estate, gold, and foreign currencies, including condos in Thailand. According to the Real Estate Information Center (REIC) in Thailand, Myanmar nationals became the second-largest foreign buyers of condos in the first quarter of 2024, with purchases exceeding 2 billion Thai Baht (over USD 60 million).

The junta announced on the evening of June 3 that it would take stringent measures against individuals involved in unauthorized financial activities and property purchases abroad, including opening foreign bank accounts without Central Bank approval.