Yoma Strategic Holdings CEO Melvyn Pun has been in regular communications with his father and the company’s executive chairman Serge Pun regarding the progress of the latter’s involvement with relevant authorities in Nay Pyi Taw.
Citing an announcement the Myanmar junta’s information ministry, The Irrawaddy reported that executives at seven private banks including Yoma Bank, AYA Bank and UAB is facing administrative action for allowing their banks to exceed the limit on the amount of home mortgages they can lend set by the Central Bank of Myanmar in January 2019.
In a July 11 response to queries by SGX-ST, Yoma says Serge and other executives in the banking sector frequently engage with the relevant authorities as part of the standard inquiries and regulatory matters regarding banking activities in Myanmar.
“The company is aware that Serge Pun first met with the Central Bank of Myanmar on May 24 to address and cooperate on the most recent set of inquiries,” it adds.
Yoma stresses that it has not been provided with and is unaware of specific details of regulation or the specific matter currently under the authorities’ inquiries.
“Having made reasonable inquiries with Serge Pun and the relevant authorities, the company has not been provided with any information stating that Serge Pun is the subject of any investigation, and to the best of the company’s knowledge, the matters in which he is meeting and cooperating with the relevant authorities are in relation to banking matters and not in relation to the businesses or operations of the group.
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“The group is not involved in the banking sector in Myanmar and does not hold any shareholding interest in any of the Myanmar banks,” it clarifies.
While no other Yoma directors or executive officers is involved in the aforesaid cooperation with the relevant authorities, Serge Pun has been accompanied by two other employees of the group to Nay Pyi Taw for meetings with the relevant authorities. “Serge Pun remains in Nay Pyi Taw cooperating with the relevant authorities.”
Yoma will make further announcements in the event it receives any notification from the relevant authorities or material update from Serge.
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Shares in Yoma closed 0.5 cents higher or 4.85% up on July 11 at 10.8 cents.
