THE TEMASEK TIMES

News and views from an unique perspective

US-blacklisted Myanmar tycoon buys Singapore’s company Aussino group

Posted by temasektimes on September 21, 2012

Singapore is fast becoming a haven for the super rich around the world – so long you have money, it will welcome you with open arms, regardless of the source.

Prominent Myanmar tycoon Zaw Zaw, who is the on the blacklist of the United States and Europe will be launching a S$70 million reverse takeover of Singapore bed linen maker Aussino Group.

In an interview with Reuters, Zaw Zaw claimed that the transaction was moving forward and he expects Singapore regulators to complete a review of his books in three to six months.

One of the most powerful businessman in Myanmar, Zaw Zaw, whose holdings range from timber, gems and rubber plantations to construction, luxury resorts, petrol stations and banking, was blacklisted under target sanctions by the U.S. Treasury Department three years ago due to his past friendship with former dictator Than Shwe which makes him a ‘regime crony.’

Besides Zaw Zaw, other Myanmar tycoons who have close financial ties with Singapore includes former drug lord Lo Hsing Han.

26 Responses to “US-blacklisted Myanmar tycoon buys Singapore’s company Aussino group”

  1. sporeoboriginal said

    Duh.. All businessmans knows.. Singapore is the place to launder money. Its one of the services that singapore banks and gahmen offer to investors.

    • SgGuy said

      Agreed. There’s a lot of money from all the dictatorships/corrupt businessmen around the area (indo to N.Korea) if u bother to look. Other than our Secrecy-Act banks, our casinos and property market also ‘benefit’ from all these money coming in. Who really do you think push up the property prices up so sky-high??

  2. Errol Tan said

    It’s all about $$$$$$.

  3. Singapore has all along been the international capital for money laundering – look at crooked Indonesians, PRC Chinese, Myanmar, Taiwan, North Korea. How they park their funds here with impunity.

  4. Tortoise said

    Singapore is the land for the rich and the crooks. The rest, I suppose, is to get out of their uncaring face.

  5. Nett result wld b runaway prop prices as these foreign tycoons and their entourage snap up prime and landed props squeezing out locals as a corollary. Our next generation wld become 2nd class citizens inevitably with well-heeled FTs 1st class despite their shady backgrounds. Great planning indeed by the ruling PAPie elite.
    Unless the daft 60.5% sinkies and PAPie Youth awaken 2 the harsh realities ahead 4 them with the ruling cliques’ elitist policies that are also slanted in favour of the super-rich, they can rest assured of being marginalised together with the rest of us come 10 years down the road, when it wld b too late 4 them 2 repent 4 cosying up 2 their PAPie masters.

    • SgGuy said

      Already too late, dear friend. Our present and future is already sold to the rich n powerful. Even if the ruling party is toppled next GE, there’s nothing left for the citizens to build Singapore the way we want. It is so sad most Singaporeans are still ignorant to the facts and are simply slogging along being slaves to the system…..

  6. Agree, Leopards Unchanged. But 10 years down the road 4 the rest of us including PAPie Youth 2 b marginalised and b 2nd class inkies?? It’ll b much earlier, probably 5 yrs or less, not 10 years!!

  7. Lim said

    Somehow I am not surprised because it is in keeping with the growth and profits at all costs genetics here – 此地无银三百两, 挂羊头,卖狗肉. no dirty money here, we only deal clean financial business.

  8. Common Cents said

    Would you rather us be a colony again? Beholden to the western laws?

  9. ‘US-blacklisted Myanmar tycoon buys Singapore’s company Aussino group’
    TT should stop printing misleading headlines.
    As of this moment, the transaction has not started yet.

  10. Naivety said

    Obviously what as white monkeys will need humongous amount of funds from any source(s) to cover up the huge losses suffered by both Temasek Holdings & GIC through reckless investment venture & speculation and to replenish the deficits back to our National Reserve & CPF Monies Fund!

  11. WorkHardNotEnough said

    Here got money means got talent. Whether got talent or no talent, anyone with > $2.5M to spare can obtain PR status here. If no money but holds EP (employment pass), then can also get PR. Welcome drug lord, it’s time to join the dark force.

  12. The government better don’t cry when Temasek Holdings get bought over.

  13. Robin hood said

    Former drug lord? Must be warned of the death penalty here.

  14. Lim said

    I think contrary to what some think there is no real distinction between Asian or Western laws – a crook is a crook whether it is Asian or Western. That does not make us any colony.

  15. OMG! We may not have Swiss living standard but we have better than Swiss standard banking system here.

  16. Bai Hu said

    Got to know someone from MHA. He told me that many times the SG government knew the details. But just pretend to close an eye cos these ‘businessmen’ got $$$ mah. Bring in $$$, SG prosper, GDP increase, MIW pockets grow fatter lo. These ‘businessmen’ are innocent until proven guilty under SG law.

  17. At the Statue of Liberty
    “Give me your tired, your poor, your huddled masses yearning to breathe free”

    At Singapore Changi Aiport
    “Give me your rich, your money launderers, your drug dealers yearning to live free”

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