Yoma Chairman With Myanmar Authorities, Communication Restricted

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Yoma Chairman With Myanmar Authorities, Communication Restricted

Bloomberg07-19

Serge Pun, one of Myanmar’s richest tycoons, is in the country at accommodation “provided by the relevant authorities and cooperating,” Yoma Strategic Holdings Ltd. said Thursday.The relevant ...

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HzxS
·07-19
Accommodation provided by relevant authorities not "retained"?!
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However, Pun and two other employees “do not have complete unrestricted use of their communication devices and would be expected to remain” in the country until the authorities complete their queries, the filing said.Shares fell 9% at the start of Friday trading.The company said that there is no material impact from the events and that Melvyn Pun, Serge’s son and Yoma Strategic’s chief executive officer, continues to be in charge of day-to-day operations. Serge Pun’s separate banking business counts GIC Pte and Norfund AS as investors.Shares of Singapore-listed Yoma Strategic slumped 28%, the most in three years, when news broke on July 10 that Pun was under scrutiny in his native country. 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