US-blacklisted Myanmar tycoon buys Singapore’s company Aussino group
Posted by temasektimes on September 21, 2012
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.