Zaw Zaw, one of Myanmar's most powerful businessmen, wants to change that in a complex transaction in Singapore that would blaze a path for foreign investors into a company at the heart of Myanmar's economy - and help Myanmar's sanctions-hit tycoons rebrand themselves.
In an interview in his Yangon office, he said the transaction - a planned S$70 million ($57.1 million) reverse takeover of Singapore bed linen maker Aussino Group - was moving forward and he expects Singapore regulators to complete a review of his books in three to six months, clearing the way for Aussino's transformation into a Myanmar-backed company harnessed to Zaw Zaw's energy division.
Few tycoons in Myanmar are more powerful than Zaw Zaw, whose holdings range from timber, gems and rubber plantations to construction, luxury resorts, petrol stations and banking.
Washington has suspended some sanctions and embraced Myanmar's leaders but left embargoes in place against businessmen whose companies are accused of helping generals plunder the economy and commit human rights abuses during 49 years of military rule. Full story
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