Mizzima, 16 Jan 2009
New Delhi (Mizzima) – The United States has frozen assets of two Burmese businessmen and their companies for aiding the military rulers of the country, which is internationally condemned for abusing the rights of its own citizens.
The US Treasury Department's Office of Foreign Assets Control on Thursday announced freezing assets of Burmese business tycoons Win Aung and Zaw Zaw, and their business entities accounting for 14 companies.
Zaw Zaw (42) is the managing director of the Max Myanmar Group of Companies, which has extensive holdings in timber, gems, construction, resort properties and hotels. Treasury's action targets eight companies of the Max Myanmar Group as well as Zaw Zaw's Singapore-based company, Max Singapore International Pte. Ltd.
Besides, the OFAC has also broadened existing sanctions against the financial network of Tay Za, who the U.S. agency described as "a notorious regime henchman and arms dealer;" 10 Singaporean firms owned or controlled by Cecilia Ng and her husband Steven Law, who were designated by the OFAC in February 2008, and Myanmar Ivanhoe Copper, owner of the country's largest copper mine.
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