Yoma Denies Allegations of Using Criminal Proceeds for Project

Yoma Strategic Holdings Ltd., a property developer founded by one of Myanmar’s richest tycoons, Serge Pun, is denying allegations that criminal proceeds from online scam centers have been used to fund a project expansion.

The real estate project, StarCity, was mentioned in an article by The Irrawaddy on August 16 titled “Myanmar Junta Charges Tycoon Serge Pun With Money Laundering Other Financial Crimes”, Yoma said in an SGX filing dated Sunday. Yoma said the article contained untrue, inaccurate or misleading allegations and is seeking legal advice.