Serge Pun facing communication device restrictions: Yoma

Khairani Afifi Noordin
1-min read

The company could not confirm whether Pun has been detained or placed under “house arrest” in accordance with local laws.

Yoma Strategic Holdings executive chairman Serge Pun, who is reported to be facing scrutiny from Myanmar authorities in Nay Pyi Taw, does not have “complete unrestricted use” of his communication devices, the company says in response to queries by SGX-ST.

The Irrawaddy reported that executives at seven private banks including Yoma Bank, AYA Bank and UAB are 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.

The company could not confirm whether Pun has been detained or placed under “house arrest” in accordance with local laws as per news reports. However, it confirms that Pun is currently staying at an accommodation provided by the relevant authorities and is expected to remain there until the authorities complete their queries.

Yoma reiterates that no charges have been filed against Pun.

The company believes that there is no material impact on Yoma’s financials, operations and businesses arising from this, given its day-to-day operations continue to be managed by CEO Melvyn Pun as well as other key management personnel and relevant business division heads.

It also highlights that father and son duo has been able to communicate with each other.

Shares in Yoma closed 1.1 cent higher or 8.7% up on July 18 at 13.7 cents.

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