Myanmar tycoon steps down from Singapore-listed business

SINGAPORE, July 25 (AFP): A Myanmar tycoon being questioned by junta authorities in his home country has stepped down as chairman of his Singapore-listed conglomerate, the company said.
Serge Pun, one of Myanmar's richest individuals, was stepping down as executive chairman and director of Yoma Strategic Holdings Ltd "with immediate effect", the company said in a press statement filed with the Singapore Exchange (SGX) on Wednesday.
The Yoma Group has interests in real estate, mobile financial services, food and beverage, heavy equipment and vehicles in Myanmar.
Pun's banking business has come under scrutiny in Myanmar. The country's central bank said earlier this month that action will be taken against seven banks including Yoma Bank Ltd, for giving out loans that exceeded central bank limits.
"Recent developments in Myanmar have created a level of uncertainty with respect to Mr. Serge Pun and his engagement with the Myanmar authorities concerning banking activities in the country."
"In light of these circumstances, Mr. Serge Pun, along with the Board of Directors... have determined that it is in the best interest of the company.”