Yoma clarifies no charges against chairman Serge Pun in Myanmar

Company CEO Melvyn Pun regularly communicates with his father about his Nay Pyi Taw dealings.

Yoma Strategic Holdings (Yoma) reported that its CEO, Melvyn Pun, regularly communicates with his father, Executive Chairman Serge Pun, about his dealings with relevant authorities in Nay Pyi Taw, Myanmar.

The CEO also said Yoma has not received any information indicating Serge is the subject of any investigation. He added that Serge is in Nay Pyi Taw to meet with authorities on matters related to his banking business, not the company's businesses or operations.

Bloomberg reported that Myanmar’s central bank will take action against seven banks, including Yoma Bank, chaired by Pun, for granting housing loans exceeding central bank limits to stabilise the local economy.

Yoma, however, stated it has not been provided with, nor is it aware of, specific details regarding the matter currently under investigation by relevant authorities.

Yoma also clarified that the company is not involved in the banking sector in Myanmar and does not hold any shares in any Myanmar banks.

In addition, Yoma said no charges were filed against Serge Pun, contrary to what was suggested in an article released by Myanmar-Now on 9 July titled "Serge Pun, one of Myanmar's top tycoons, detained in Naypyitaw". 

The company will make further announcements if it receives any notification from the relevant authorities or a material update from Serge Pun.