Yoma denies allegations it used criminal proceeds from online scam centres for StarCity project
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Yoma founder Serge Pun stepped down as executive chairman in July.
PHOTO: BLOOMBERG
SINGAPORE - Singapore-listed Yoma Strategic Holdings, a property developer founded by one of Myanmar’s richest tycoons, Mr Serge Pun, has denied allegations that criminal proceeds from online scam centres have been used to fund a project expansion.
The real estate project, StarCity, was mentioned in an article by The Irrawaddy on Aug 16 titled “Myanmar junta charges tycoon Serge Pun with money laundering, other financial crimes”, said Yoma in a Singapore Exchange filing on Aug 18.
“StarCity is now a vibrant community of over 6,000 residents that in recent years does not require and does not receive any external funding.
“The company emphasises that there are no investigations by the Myanmar authorities involving the company, its directors, executive officers, employees, or the group’s businesses.”
The Irrawaddy had said that Mr Pun is facing several charges, including money laundering and misuse of public funds, after his month-long detention by the Myanmar junta. Yoma said the article contained untrue, inaccurate or misleading allegations and is seeking legal advice.
The statement comes after Mr Pun, who counted GIC and Norway’s sovereign wealth fund Norfund as investors in his banking business, decided to step down as executive chairman in July. His son Melvyn Pun, Yoma’s chief executive officer, took over the role.
Yoma shares plunged 1.5 cents, or 14.9 per cent, to 8.6 cents as at 9.23am on Aug 19 after the latest news, before closing 8.9 per cent, or 0.9 cent, lower at 9.2 cents for the day. The stock has fallen 47 per cent from a high in early July through to Aug 19. BLOOMBERG
