July 25, 2024

Serge Pun, also known as U Theim Wai, has stepped down from his role as Executive Chairman of Yoma Strategic Holdings Ltd, a Singapore-based company, as reported by Bloomberg on July 24.

U Theim Wai, one of Myanmar’s wealthiest businessmen, is also the chairman of Yoma Group and Yoma Bank in Myanmar. He has been detained by the military junta since June 3.

The junta claims that the rising foreign currency exchange rates and the depreciation of the Myanmar kyat are due to locals purchasing condominiums in Thailand. As a result, dollar hawala operators, money changers, brokers, and buyers involved in the sales of these Thai condos were arrested. U Theim Wai was detained because Yoma Bank facilitated the money transfers.

According to documents submitted on July 24, Serge Pun will immediately step down from his director role at Yoma Strategic Holdings Ltd, as stated by the company.

His eldest son, Melvin Pun, who is currently the CEO and a board member, will assume the role of chairman of this real estate company, according to the company’s announcement.

Reports that U Theim Wai and other company officials were being detained and interrogated in Naypyidaw and placed under house arrest led to a decline in Yoma Strategic Holdings’ stock prices in Singapore.

While U Theim Wai can communicate with his son via telephone, his external communications remain restricted.

He is being investigated for money transfers related to the purchase of Thai condos and for allegedly exceeding the prescribed amount of housing loans. If the junta finds him guilty, he will be prosecuted for money laundering.