Asia Wealth Bank (Burmese: အာရှဓနဘဏ်) was a Myanmar bank that was found to be of primary money laundering concern by the US Secretary of Treasury.[1] The bank license was subsequently revoked by the Government of Myanmar in the banking crisis in 2003. The bank is a sister company of the former Olympic Construction Group which is renamed as Shwe Taung Group in 2004 after the banking scandal.[1][2][3]
Native name | အာရှဓနဘဏ် |
|---|---|
| Industry | Banking |
| Founded | 1994 |
| Founder | Eike Htun |
| Defunct | 2005 |
| Fate | Dissolved |
| Headquarters | , |
| Parent | Olympic Construction Group |
The US Secretary of Treasury designated Asia Wealth Bank as financial institutions of primary money laundering concern [4] and the department report notes that the Asia Wealth bank have been linked to narcotics trafficking organizations in Southeast Asia.[5] This findings by the US treasury is only rescinded the against the bank in 2012 as the results of the revocation of the bank licenses by the government of Myanmar, not because of remedial actions by the bank.[6]
Directors
editAik Htun (Burmese: အိုက်ထွန်း IPA: [aiʔ tʰʊ́ɴ]; variously spelt Eik Tun, Eike Htun, and Aik Tun) is a prominent Burmese businessman, best known as the managing director and vice chairman of the sister company of Olympic Construction company, the Asia Wealth Bank,[2][7] which was Burma's largest private bank until the banking crisis of 2003.[8]
Aik Htun also runs one of the country's largest construction businesses, the Olympic Construction Company, established in 1990 and primarily focuses on residential and hotel development in Yangon[9][10] He and his immediate family members are subject to European Union sanctions, from benefiting from close ties to the previous junta, the State Peace and Development Council.[11] Olympic Construction company is renamed as Shwe Taung group in 2004 after the money laundering accusation and drug links by the US department of Treasury against the affiliate Asia Wealth Bank. As of 2013, Aik Htun remain as the chairman of business group Shwe Taung Group of companies.[12]
References
edit- ^ a b "USA Patriot Act: Section 311". Fincen.gov. Archived from the original on 2013-10-04. Retrieved 2013-10-07.
- ^ a b "Burmese Tycoons Part I". .irrawaddy.org. Archived from the original on 2011-05-17. Retrieved 2013-10-07.
- ^ Aung Din, U.S. Campaign for Burma (June 2011). "Partial List of Cronies Who Provide Political and Financial Support for Burma's Ruling Regime" (PDF). Burmapartnership.org. Retrieved 2017-06-16.
- ^ "Archived copy" (PDF). Archived from the original (PDF) on 2013-10-04. Retrieved 2013-10-01.
{{cite web}}: CS1 maint: archived copy as title (link) - ^ "Money Laundering in Burma". .irrawaddy.org. Archived from the original on 2015-04-17. Retrieved 2013-10-07.
- ^ "Archived copy" (PDF). Archived from the original (PDF) on 2013-10-04. Retrieved 2013-10-01.
{{cite web}}: CS1 maint: archived copy as title (link) - ^ "U AIK HTUN". AFG Venture Group. 2012. Archived from the original on 18 July 2013. Retrieved 29 October 2012.
- ^ "Burma's Private Banking Crisis". JSTOR 25773787.
- ^ "Burmese Tycoons Part I". The Irrawaddy. 1 June 2000. Archived from the original on 17 May 2011. Retrieved 14 March 2012.
- ^ Eike Htun (September 2005). "Tycoon Turf". The Irrawaddy. Archived from the original on 4 October 2013. Retrieved 15 May 2013.
- ^ "CONSOLIDATED LIST OF FINANCIAL SANCTIONS TARGETS IN THE UK". Her Majesty's Treasury. UK Government. 20 April 2011. Archived from the original on 29 January 2013. Retrieved 24 July 2011.
- ^ "Management Team". Shwetaunggroup.com. Archived from the original on 2013-10-04. Retrieved 2013-10-07.