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junta cronies hit by US sanctions
Wai
Moe
The Irrawaddy Magazine
27 Feb
08
http://www.irrawaddy.org/article.php?art_id=10567&page=2
The
US government on Monday added more names to the targeted
sanctions list of the Burmese junta’s business cronies,
including one of the country’s richest businessmen long
suspected of being involved in the drug trade.
US
President Gorge W. Bush, in a statement, called on the junta to
begin a genuine dialogue with opposition and ethnic minority
groups.
"As one element of our policy to promote a
genuine democratic transition, the U.S maintains targeted
sanctions that focus on the assets of regime members and their
cronies who grow rich while Burma’s people suffer under
their misrule," he in the statement.
Among the
businessmen was Tun Myint Naing, also known as Steven Law. His
father, Lo Hsing Han, and his wife, Cecilia Ng, a citizen of
Singapore, are also included on the list along with their 10
companies based in Singapore; four companies they control are
based in Burma.
"The Department of the Treasury has
applied financial sanctions against Steven Law, a regime crony
also suspected of drug trafficking activities, and his financial
network," said Bush. "Today’s actions add to the
33 individuals and 11 entities previously designated for
sanctions."
Stuart Levey, the under secretary for
terrorism and financial intelligence, said in a statement,
"Unless the ruling junta in Burma halts the violent
oppression of its people, we will continue to target those like
Steven Law who sustain it and who profit corruptly because of
that support."
Steven Law’s companies, Asia
World Co.Ltd, Asia World Port Management, Asia World Industries
Ltd, and Asia World Light Ltd as well as Golden Aaron Pte. Ltd
and another nine companies in Singapore managed by Cecilia Ng
were named in the sanctions. Golden Aaron Ltd is associated with
a production sharing contract between Myanmar Oil and Gas
Enterprise and a business group including the China National
Offshore Oil Company Myanmar Ltd [CNOOC] to carry out oil and gas
exploration in the Kyaunphyu Region of Arakan State.
Officials
of Asia World Co. Ltd in Rangoon and Golden Aaron Pte Ltd were
not available for comment when contacted by The Irrawaddy. An
official of Asia World Co. Ltd said Steven Law and other
executives were in Naypyidaw for a meeting.
Aung Din, the
director of the US Campaign for Burma, said on Tuesday the junta
continues human rights violations in Burma with the support of
leading businessmen.
"The cronies also monopolize the
country’s economy by using their connections with the
ruling generals," he said. "One of the significant
steps for political reform in Burma is sustained pressure from
the international community. The language which the repressive
regime understands is international pressure."
He
added that other cronies, such as Zaw Zaw of Max Co. Ltd and
minister Aung Thaung’s sons, Nay Aung and Pyi Aung, who run
IGE Pte. Ltd could be included in new sanctions lists if the
junta refuses meaningful political reform.
However,
speaking on anonymity, a well-known journalist in Rangoon who
disagrees with sanctions said he did not think they will produce
democratic reform.
"It is a targeted sanction,"
he said. "So Tay Za can [be eliminated] by the sanctions,
but there will be another Tay Za."
He said sanctions
might create some pressure for reform, but educating people would
lead to the most reform. "We should get people more
information and knowledge," he said.
Since last
September, the US has announced four targeted sanctions on
Burmese government officials and their business cronies. In
previous sanctions, the US Treasury Department named 12 business
cronies, including business tycoon Tay Za, the owner of Air Bagan
and other companies as well as officials of the military
junta.
The son and wife of Tay Za, Pye Phyo Tay Za and
Thidar Zaw and their companies, including Htoo Trading Company,
Pavo Trading, Air Bagan, Singapore and Air Bagan Limited, Burma,
and Htoo Wood Products are also named in sanctions.
Other
cronies including Htay Myint (chairman of Yuzana Company) and
Khin Shwe (president of Zay Gabar Company) are also on the black
list.
A Burmese political scientist at a university in
Southeast Asia who asked to remain anonymous said targeted
sanctions should have been done much earlier.
However, he
said businessmen like Steven Law do business through foreign
partners and countries like China.
"They can still
circumvent the sanctions," he said. "The US government
should also look into their foreign business partners. Also, they
can still do business via China."
"The Chinese
RMB [yuan] is very strong. I heard that they [Burmese generals
and their cronies] now try to do business transactions via
Chinese banks," he said.
Read
also: Singaporean,
10 firms under US Myanmar sanctions
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