Myanmar voted in a government of retired generals two years ago, heralding radical economic and political reforms. In 2010, the government ended pro-democracy leader Aung San Suu Kyi's house arrest and began releasing hundreds of political prisoners. As a result, the West suspended or lifted most of their trade and economic sanctions, opening the door to investors.
The Myanmar tycoons who allegedly grew rich through corruption and their close ties to the old regime have rebranded themselves as potential local partners for foreign businesses.
Aung Ko Win, a close associate of the former junta's number two, owns KBZ Bank, KBZ airlines and founded Kanbawza United Football Club.
AGD, or Asia Green Development Bank, is part of a sprawling empire run Tay Zar, by far Myanmar's most infamous alleged crony, who also founded the Yangon United Football Club. Serge Pun, worth $500m according to Forbes Asia, founded Yoma bank in 1993 and is now CEO of Yoma Strategic Holdings, a Singapore listed outfit with interests in real estate, agribusiness, trading and automobile services. Despite calling owner Tay Zar "Burma's number one crony businessman", the US eased sanctions on AGD Bank earlier this year to allow American companies to import and transfer money in Myanmar. The leaked US diplomatic cables say Tay Zar has brokered arms sales with Russia in the past. Tay Zar has a passion for decadence but, following a helicopter crash in 2011, partially retired and rebranded himself as a self styled philanthropist. His glass fronted garage boasts a harem of luxury cars including a Ferrari, Bentley, Rolls Royce and Lamborghini. Yangon Zoological Gardens received a makeover in 2011 thanks to a $14.5 million donation by the Htoo Foundation, the philanthropic wing of Tay Zar's Htoo empire. Tay Zar also chairs the Myanmar Football Federation which launched a league of eight teams in 2009, each owned by regime cronies. The US cables cite a "well connected source" suggesting the league was established by the former President as an alternative to buying Manchester United for $1bn.
The FMI shopping centre is popular amongst tourists and locals for its overpriced lattes and luxury hand bags. It's a joint venture between Parkson Retail Asia Limited and a subsidiary of Serge Pun's Yoma conglomerate. Prior to the easing of car import restrictions, Pun gained a 10 percent stake in a company producing Suzuki vehicles.
Yangon port is part of the Asia World business leviathan owned by Stephen Law, the son of alleged drug kingpin Lo Hsing Han who the US called the "Godfather of Heroin". Asia World is a conduit for much of China's investment, including a deeply unpopular joint venture to build the Myitsone hydroelectric dam.
Junction Square, the largest shopping mall in Yangon, was built by Shwe Taung Group, headed by Aung Zaw Naing and his father Aik Htun, who has battled US accusations of narcotics trafficking and money laundering.
The 366 room Novotel Hotel is being built by construction tycoon Zaw Zaw, managing director of Max Myanmar. He amassed his fortune importing used cars and motorcycles. More recently he built the 20 lane highways in the nation's new and broadly uninhabited capital, Nay Pyi Taw, to garner favour within the regime, according to the US cables. He also has interests in jade mining and logging.
"Despite holding by-elections and taking other positive steps, the government has yet to institute the reforms necessary to move Burma toward democracy, and basic political power remains with the military," New York-based Human Rights Watch said.
From Al Jazeera
The Myanmar tycoons who allegedly grew rich through corruption and their close ties to the old regime have rebranded themselves as potential local partners for foreign businesses.
Aung Ko Win, a close associate of the former junta's number two, owns KBZ Bank, KBZ airlines and founded Kanbawza United Football Club.
AGD, or Asia Green Development Bank, is part of a sprawling empire run Tay Zar, by far Myanmar's most infamous alleged crony, who also founded the Yangon United Football Club. Serge Pun, worth $500m according to Forbes Asia, founded Yoma bank in 1993 and is now CEO of Yoma Strategic Holdings, a Singapore listed outfit with interests in real estate, agribusiness, trading and automobile services. Despite calling owner Tay Zar "Burma's number one crony businessman", the US eased sanctions on AGD Bank earlier this year to allow American companies to import and transfer money in Myanmar. The leaked US diplomatic cables say Tay Zar has brokered arms sales with Russia in the past. Tay Zar has a passion for decadence but, following a helicopter crash in 2011, partially retired and rebranded himself as a self styled philanthropist. His glass fronted garage boasts a harem of luxury cars including a Ferrari, Bentley, Rolls Royce and Lamborghini. Yangon Zoological Gardens received a makeover in 2011 thanks to a $14.5 million donation by the Htoo Foundation, the philanthropic wing of Tay Zar's Htoo empire. Tay Zar also chairs the Myanmar Football Federation which launched a league of eight teams in 2009, each owned by regime cronies. The US cables cite a "well connected source" suggesting the league was established by the former President as an alternative to buying Manchester United for $1bn.
The FMI shopping centre is popular amongst tourists and locals for its overpriced lattes and luxury hand bags. It's a joint venture between Parkson Retail Asia Limited and a subsidiary of Serge Pun's Yoma conglomerate. Prior to the easing of car import restrictions, Pun gained a 10 percent stake in a company producing Suzuki vehicles.
Yangon port is part of the Asia World business leviathan owned by Stephen Law, the son of alleged drug kingpin Lo Hsing Han who the US called the "Godfather of Heroin". Asia World is a conduit for much of China's investment, including a deeply unpopular joint venture to build the Myitsone hydroelectric dam.
Junction Square, the largest shopping mall in Yangon, was built by Shwe Taung Group, headed by Aung Zaw Naing and his father Aik Htun, who has battled US accusations of narcotics trafficking and money laundering.
The 366 room Novotel Hotel is being built by construction tycoon Zaw Zaw, managing director of Max Myanmar. He amassed his fortune importing used cars and motorcycles. More recently he built the 20 lane highways in the nation's new and broadly uninhabited capital, Nay Pyi Taw, to garner favour within the regime, according to the US cables. He also has interests in jade mining and logging.
"Despite holding by-elections and taking other positive steps, the government has yet to institute the reforms necessary to move Burma toward democracy, and basic political power remains with the military," New York-based Human Rights Watch said.
From Al Jazeera
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