Serge Pun, one of Myanmar’s richest tycoons, is stepping down as executive chairman of Singapore-listed Yoma Strategic Holdings Ltd. as he remains under scrutiny in his native country.
Pun will also step down as a director of the company with immediate effect, Yoma said in a filing Wednesday. The real estate firm appointed his eldest son, Melvyn Pun, who is also CEO and a board member, as the new chairman.
“Recent developments in Myanmar have created a level of uncertainty with respect to Mr. Serge Pun and his engagement with the Myanmar authorities concerning banking activities in the country,” Yoma said. “It is in the best interest of the company, its shareholders, its employees and its customers to accelerate these succession plans.”
This is the latest move from the tycoon, whose banking business has come under scrutiny in Myanmar. Earlier this month, the central bank announced that action will be taken against seven banks including Yoma Bank Ltd, which Pun also chairs, for granting housing loans that exceeded central bank limits as part of efforts “to stabilize the local economy.”
Last week, Yoma Strategic said Pun was in Myanmar at accommodation “provided by the relevant authorities and cooperating.” The tycoon 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.
In a letter to the Singapore stock exchange, Pun, a major shareholder of Yoma, said he does not intend to reduce his stake in the real estate company.