(Bloomberg) -- Serge Pun, one of Myanmar’s richest tycoons, is in the country at accommodation “provided by the relevant authorities and cooperating,” Yoma Strategic Holdings Ltd. said Thursday.
The relevant authorities didn’t say whether Yoma’s executive chairman Pun is under any house arrest or detained, Singapore-listed Yoma said in a statement. However, Pun and two other employees “do not have complete unrestricted use of their communication devices and would be expected to remain” in the country until the authorities complete their queries, the filing said.
Shares fell 5.8% at the start of Friday trading.
The company said that there is no material impact from the events and that Melvyn Pun, Serge’s son and Yoma Strategic’s chief executive officer, continues to be in charge of day-to-day operations. Serge Pun’s separate banking business counts GIC Pte and Norfund AS as investors.
Read: Banking Tycoon Pun Who Courted GIC Under Scrutiny in Myanmar
Shares of Singapore-listed Yoma Strategic slumped 28%, the most in three years, when news broke on July 10 that Pun was under scrutiny in his native country. They recovered most of their losses in the following days through Thursday.
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