Mizzima
The ATOM mobile operator company announced this week that they had expelled the Shwe Byain Phyu Company and those who were related with this company sanctioned by the US government from the Board of Directors.
The announcement, released 9 February, further says that the operator is not concerned with these people and entities anymore and those sanctioned by the US government are not appointed as their shareholders, senior management and beneficiary of this company.
ATOM Myanmar is owned by Investcom Pte. Co. and the shares of Shwe Byain Phyu have been sold completely to Myancom Holding Company, the announcement says.
Thein Win Zaw, Win Paing Kyaw and Tin Min Latt who were sanctioned by the US on 1 February have resigned from Shwe Byain Phyu Company group.
The US government imposed sanctions against four individuals who have close rapport with the Myanmar military and two companies which have close relationships with the junta on the third anniversary of the military coup.
Those included in this sanction list are Shwe Byain Phyu Group (SBPG) which has close relations with junta’s Myanmar Economic Holdings Ltd. (MEHL) and its president Thein Win Zaw, spouse and their sons and daughters.
Norway based telecom company, Telenor Myanmar, was sold and handed over to Shwe Byain Phyu Co. and Lebanon Company M1 Group on 12 May 2022 and formed as Investcom Pte. The SBPG owned 80% stakes in this company.
The SBPG announced in state-run daily papers in August 2023 that its subsidiary fuel oil importing company had been liquidated under the Insolvency Law.
The shareholders decided to liquidate their company at the Shareholders’ Meeting held on 10 August 2023, the newspaper ad says.
But the business community assumes that they did so to avoid economic sanctions which may be imposed by the US government under the protection of the Insolvency and Liquidation Law. And six months after that, the US government imposed sanctions against them.
The SBPG owner Thein Win Zaw owns over 20 companies in the names of his wife, sons and daughters.
These companies have investments in fuel import and retail business, mining, gemstones mining, telecom business, banking, timber, fishery, plastic bags manufacturing, and sugar, pulses and beans exports.
Similarly the EU imposed economic sanctions against business groups and conglomerates where Thein Win Zaw has shares.
