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Asia Wealth Bank
Asia Wealth Bank ( my, အာရှဓနဘဏ်) was a Myanmar bank that was found to be of primary money laundering concern by the US Secretary of Treasury. 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. The US Secretary of Treasury designated Asia Wealth Bank as financial institutions of primary money laundering concern and the department report notes that the Asia Wealth bank have been linked to narcotics trafficking organizations in Southeast Asia. This findings by the US treasury is only rescinded the against the bank in 2012 as the results of the revocation of the bank licenses by the government of Myanmar, not because of remedial actions by the bank. Directors Aik Htun ( my, အိုက်ထွန်း ; variously spelt Eik Tun, Eike Htun, and Aik Tun) is a prominent Bu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eike Htun
Aik Htun ( my, အိုက်ထွန်း ; ; variously spelt Eik Tun, Eike Htun, and Aik Tun) is a Burmese businessman who is the managing director and vice chairman of the sister company of Olympic Construction Company, the Asia Wealth Bank, which was Burma's largest private bank until the banking crisis of 2003. Aik Htun was born on 10 October 1948 in Mongkai in the Southern Shan States, Burma, the eldest of six children. He moved to Rangoon in 1970 and secured a job as a driver working for Nyunt Tin, a green tea wholesaler and operating the Shan Brothers tea shop. In 1972, he bought a biscuit shop on 16th Street and had expanded into the border business by 1984. Aik Htun established Olympic Company in 1991 with 3 other investors. The company now has interests in automobiles, marine products, timber, real estate, property development and finance. Aik Htun also runs one of the country's largest construction businesses, the Olympic Construction Company, established in 1990 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Yangon
Yangon ( my, ရန်ကုန်; ; ), formerly spelled as Rangoon, is the capital of the Yangon Region and the largest city of Myanmar (also known as Burma). Yangon served as the capital of Myanmar until 2006, when the military government relocated the administrative functions to the purpose-built capital city of Naypyidaw in north central Myanmar. With over 7 million people, Yangon is Myanmar's most populous city and its most important commercial centre. Yangon boasts the largest number of colonial-era buildings in Southeast Asia, and has a unique colonial-era urban core that is remarkably intact. The colonial-era commercial core is centered around the Sule Pagoda, which is reputed to be over 2,000 years old. The city is also home to the gilded Shwedagon Pagoda – Myanmar's most sacred and famous Buddhist pagoda. Yangon suffers from deeply inadequate infrastructure, especially compared to other major cities in Southeast Asia, such as Jakarta, Bangkok or Hanoi. Thoug ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Myanmar
Myanmar, ; UK pronunciations: US pronunciations incl. . Note: Wikipedia's IPA conventions require indicating /r/ even in British English although only some British English speakers pronounce r at the end of syllables. As John Wells explains, the English spellings of both Myanmar and Burma assume a non-rhotic variety of English, in which the letter r before a consonant or finally serves merely to indicate a long vowel: mjænmɑː, ˈbɜːmə So the pronunciation of the last syllable of Myanmar as ɑːror of Burma as ɜːrməby some speakers in the UK and most speakers in North America is in fact a spelling pronunciation based on a misunderstanding of non-rhotic spelling conventions. The final ''r'' in ''Myanmar'' was not intended for pronunciation and is there to ensure that the final a is pronounced with the broad ''ah'' () in "father". If the Burmese name my, မြန်မာ, label=none were spelled "Myanma" in English, this would be pronounced at the end by all ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Olympic Construction Group
Shwe Taung Group of Companies ( my, ရွှေတောင်ကုမ္ပဏီအုပ်စု; Shwe Taung Group) is a Myanmar conglomerate. It has a large construction and engineering arm and is the parent company of a cement business in Myanmar. It also own Octagon International Service Trading which is the importer of machinery and construction vehicles. Shwe Taung Group was formerly known as Olympic Construction Company, and was renamed Shwe Taung Group in 2004 after the banking scandal, money laundering accusation and drug links against the affiliated Asia Wealth Bank by the US department of Treasury and the bank's subsequent sanction in 2003 by the US Government and closure by the Government of Myanmar. Suspected money laundering and drug links As recent as 2007, the US continue to suspect Shwe Taung Group (formerly Olympic Construction Group) of laundering drug money, as evident by the leaked US embassy cable exposed by wiki-leaks. Law enforcement agencies continu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shwe Taung Group
Shwe Taung Group of Companies ( my, ရွှေတောင်ကုမ္ပဏီအုပ်စု; Shwe Taung Group) is a Myanmar conglomerate. It has a large construction and engineering arm and is the parent company of a cement business in Myanmar. It also own Octagon International Service Trading which is the importer of machinery and construction vehicles. Shwe Taung Group was formerly known as Olympic Construction Company, and was renamed Shwe Taung Group in 2004 after the banking scandal, money laundering accusation and drug links against the affiliated Asia Wealth Bank by the US department of Treasury and the bank's subsequent sanction in 2003 by the US Government and closure by the Government of Myanmar. Suspected money laundering and drug links As recent as 2007, the US continue to suspect Shwe Taung Group (formerly Olympic Construction Group) of laundering drug money, as evident by the leaked US embassy cable exposed by wiki-leaks. Law enforcement agencies continue ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Aik Htun
Aik Htun ( my, အိုက်ထွန်း ; ; variously spelt Eik Tun, Eike Htun, and Aik Tun) is a Burmese businessman who is the managing director and vice chairman of the sister company of Olympic Construction Company, the Asia Wealth Bank, which was Burma's largest private bank until the banking crisis of 2003. Aik Htun was born on 10 October 1948 in Mongkai in the Southern Shan States, Burma, the eldest of six children. He moved to Rangoon in 1970 and secured a job as a driver working for Nyunt Tin, a green tea wholesaler and operating the Shan Brothers tea shop. In 1972, he bought a biscuit shop on 16th Street and had expanded into the border business by 1984. Aik Htun established Olympic Company in 1991 with 3 other investors. The company now has interests in automobiles, marine products, timber, real estate, property development and finance. Aik Htun also runs one of the country's largest construction businesses, the Olympic Construction Company, established in 1990 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2003 Myanmar Banking Crisis
The 2003 banking crisis of Myanmar was a major bank run in private banking that hit Myanmar (Burma) in February 2003. It started with a decline in the trust for private financial institutions following the collapse of small financial enterprises and proliferating rumors about the liquidity of major private banks. Leading to a bank run on the Asia Wealth Bank, the crisis quickly spread to all major private banks in the country.Zaw Oo. "Throwing Good Money After Bad: Banking Crisis in Burma". Burma Fund Policy Brief 3. Washington, D.C.: The Burma Fund, 2003. It led to severe liquidity problems for private banks and scarcity of the kyat. Though exact data is not available, it is believed that the crisis caused major economic hardship for many in Myanmar. Background Myanmar's banking system had been in a process of transition in the period leading up to the crisis. From the 1962 overthrow of the government by General Ne Win until 1990, state institutions dominated the financial secto ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Peace And Development Council
The State Peace and Development Council ( my, နိုင်ငံတော် အေးချမ်းသာယာရေး နှင့် ဖွံ့ဖြိုးရေး ကောင်စီ ; abbreviated SPDC or , ) was the official name of the military government of Burma (Myanmar) which, in 1997, succeeded the State Law and Order Restoration Council ( my, နိုင်ငံတော်ငြိမ်ဝပ်ပိပြားမှုတည်ဆောက်ရေးအဖွဲ့ that seized power under the rule of Saw Maung in 1988. On 30 March 2011, Senior General and Council Chairman Than Shwe signed a decree that officially dissolved the council. From 1988 to 1997, the junta was known as the State Law and Order Restoration Council ( my, နိုင်ငံတော် ငြိမ်ဝပ်ပိပြားမှု တည်ဆောက်ရေးအဖွဲ့, links=no; abbreviated SLORC or ), which had succeeded the Pyithu Hluttaw as a legi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Of Myanmar
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Disestablished In 2005
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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