Cronies Disappointed As US Sanctions Extended

RANGOON — In wake of the extension of most of the US sanctions on Burma on Tuesday, several cronies have remained on the Specially Designated Nationals (SDN) list, despite the expectation that they would be removed. Sanctioned businessman Khin Shwe, chairman of the Zay Kabar Group of companies, told The Irrawaddy, “Some people have suggested […]

Targeted Myanmar tycoon may profit from US sanctions changes

YANGON, May 18 (Reuters) – Standing among the party seeing off Myanmar’s new president as he left for Russia on Wednesday was leading businessman Htun Myint Naing, better known as Steven Law. Only the day before, the United States had added six of his companies to the Treasury’s blacklist, a move that is unlikely to […]

Asia World sells jade, mining, toll road businesses

Asia World Company, one of Myanmar’s largest conglomerates, has restructured its business, dropping its toll road, coal-plant, petrol station and mining interests, according to a company spokesperson. The aim is to “streamline operations and improve sustainability,” said the company in a statement. Asia World is owned by US-blacklisted businessman U Htun Myint Naing, who goes […]