Yoma Strategic Holdings has refuted allegations in an Aug 16 report by The Irrawaddy, which it says contains “untrue, inaccurate, or misleading allegations”.
Citing sources familiar with the matter, The Irrawaddy wrote that Yoma’s former chairman Serge Pun is facing several charges after his month-long detention by the Myanmar junta, including money laundering and misuse of public funds.
It also claimed that the 71-year old is facing charges for damaging the interest of the national government for allegedly using criminal proceeds from online scam centres to invest in the expansion of Yoma’s StarCity development.
In its response, Yoma says the company was not contacted for comments or clarification before the article’s publication. “The group is seeking legal advice and is prepared to take all necessary action to protect its interests and defend itself,” it adds.
In the Aug 18 filing, the company categorically denies that criminal proceeds from online scam centres have been used to fund the expansion of StarCity.
“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.”
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Yoma stresses that the company operates in compliance with applicable laws, remaining steadfast in its commitment to uphold the highest standards of transparency, integrity and corporate governance across all its operations.
Shares in Yoma closed 1 cent lower or 1% down on Aug 16 at 10.1 cents.
