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Singapore businessman to finish army-linked Myanmar funding | Enterprise and Economic system Information

Following the February 1 coup, the director of Hong Kong-listed gaming firm Razer says he’ll exit his funding in a tobacco agency linked to Myanmar’s army.

A distinguished Singapore businessman has stated he’ll exit his funding in a tobacco agency linked to the Myanmar army, after the military deposed the nation’s democratically elected authorities in a coup final week.

Lim Kaling, the co-founder and director of Hong Kong-listed gaming group Razer, stated in a press release on Tuesday that he was a minority shareholder in Virginia Tobacco Firm by RMH Singapore Pte Ltd, which owns 49 p.c of the Myanmar agency.

The remainder of Virginia Tobacco is owned by Myanmar Financial Holdings Restricted (MEHL), one in all two conglomerates run by the nation’s army, in keeping with a 2019 United Nations report.

“Latest occasions [in Myanmar] trigger me grave concern,” Lim stated within the emailed assertion, which adopted a web based petition calling on him to chop his publicity.

Lim stated he was “exploring choices for the accountable disposal” of his one-third stake in RMH, his solely remaining Myanmar funding, however gave no timeframe.

International companies with investments in Myanmar have come underneath elevated scrutiny because the coup on February 1. Japanese drinks big Kirin Holdings final week scrapped its beer alliance that tied it to MEHL

MEHL’s dozens of subsidiaries span a spread of industries from ruby and jade mining to tourism and banking and the conglomerate is owned and influenced by senior army leaders together with commander-in-chief Min Aung Hlaing, in keeping with the UN report.

‘He heard our voices’

Singapore has been the most important supply of overseas funding into Myanmar in recent times, in keeping with stories by each governments.

Lim’s announcement got here after a web based petition began by activist group Justice for Myanmar urged Razer to take away Lim from its board if he didn’t finish his enterprise ties with the Myanmar army.

Lim didn’t reference the petition in his assertion, which gained 851 signatories, however the activist group claimed a victory.

“He heard our voices and acted. Because of all who signed. Sustain the combat,” the group stated in a Twitter put up.

Amnesty Worldwide had additionally referred to as for RMH to chop its Myanmar ties, together with different corporations together with South Korea’s POSCO.

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