05 Nov Blacklisted MP ‘not linked to United Amara Bank,’ only son

Written by Thiha Ko Ko Published in Property Read 4234 times
U Than Win Swe, CEO of United Amara Bank, (standing) assures bank customers that their savings are secure at his bank at a press conference in Yangon on November 4, 2014. Photo: Hein Htet/Mizzima

United Amara Bank has responded to a move by the United States Treasure Department to blacklist MP U Aung Thaung saying the MP is not related to their bank, only his son.

Following the US blacklist announcement on October 31, many bank customers are said to have withdrawn their money from United Amara Bank, prompting the bank to hold a press conference in Yangon on November 4 to clarify ownership.

U Aung Thaung, a Lower House MP for the Union Solidarity and Development Party or USDP and central executive member of the party, is not related to the United Amara Bank; only his son U Nay Aung who owns a 90 percent stake in the bank, said U Than Win Swe, the chief executive officer of the bank, speaking at the press conference.  

The bank is concerned by a change in deposit and withdrawal behaviour over the last few days. According to the bank, on November 3 customers made a total deposit of K44 billion and total withdrawal of K41 billion. But on November 4, the total deposit figure was K16 billion and total withdrawal K26 billion; so total deposit was 10 billion kyat less than the total withdrawal.

Seeking to shore up confidence, Central Bank of Myanmar Director General U Win Thaw said, “If the United Amara Bank has difficulties, the Central Bank will offer necessary help to the bank.”

Although U Aung Thaung has been put on the blacklist of the US, the United Amara Bank and U Nay Aung are not on the blacklist, according to the bank.   

The United Amara Bank obtained its licence in 2010. It has links with 71 international banks and 30 branches in Myanmar.

The US sanction against U Aung Thaung prohibits US firms from dealing with him, and all of his assets including his bank accounts in the United States are frozen.

Last modified on Wednesday, 05 November 2014 16:08