Shwe Taung Group

Shwe Taung Group of Companies (Burmese: 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 of Companies
Formerly
Olympic Construction Group
Private
IndustryConglomerate
PredecessorOlympic Construction Company
Founded1990
HeadquartersMyanmar
Key people
Eike Htun (Chairman)
Aung Zaw Naing (Managing Director)
ProductsReal estate, Construction & Engineering, Cement & Construction Materials, Energy & Infrastructure, Trading and Retail
Websitewww.shwetaunggroup.com

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.[1][2][3]

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.[4] Law enforcement agencies continue to suspect Shwe Taung group chairman, Aik Htun, close ties to the drug traffickers and the "rich investors" behind Shwe Taung Group is questionable with some claiming Aik Htun is just a "front man" for various parties.[5][6]

Key figures

The Chairman of Shwe Taung Group is Aik Htun, also spelt Eike Htun, while his son, Aung Zaw Naing, is Managing Director.

(Burmese: အိုက်ထွန်း IPA: [aiʔ tʰʊ́ɴ]; variously spelt Eik Tun, Eike Htun, and Aik Tun) is a prominent Burmese businessman, best known as the managing director and vice chairman of the sister company of Olympic Construction company, the Asia Wealth Bank,[7][8] which was Burma's largest private bank until the banking crisis of 2003.[9] The US Secretary of Treasury also designated Asia Wealth Bank as financial institutions of primary money laundering concern [2] and the department report notes that the Asia Wealth bank have been linked to narcotics trafficking organizations in Southeast Asia.[3] This findings by the US treasury is only rescinded the against the bank as the results of the revocation of the bank licenses by the government of Myanmar, not because of remedial actions by the bank.[10]

gollark: It must have been near the secret beach site.
gollark: Or use a heavdrone to.
gollark: Please /forge setdim me continuously.
gollark: It appears that I reactivated an ancient device of evil in the overworld, yes.
gollark: Yes. Eventually. Remind me tomorrow.

See also

References
  1. "Archived copy". Archived from the original on 2013-10-04. Retrieved 2013-10-07.CS1 maint: archived copy as title (link)
  2. "Archived copy" (PDF). Archived from the original (PDF) on 2013-10-04. Retrieved 2013-10-01.CS1 maint: archived copy as title (link)
  3. "Money Laundering in Burma".
  4. http://dazzlepod.com/cable/07RANGOON114/
  5. Eike Htun (September 2005). "Eike Htun drug link allegation and accused for being a puppet for powerful interest". The Irrawaddy. Retrieved 15 May 2013.
  6. "Cablegate: Burma: How the Well-Connected Make Money - Scoop News".
  7. "Burmese Tycoons Part I".
  8. "U AIK HTUN". AFG Venture Group. 2012. Retrieved 29 October 2012.
  9. "Burma's Private Banking Crisis". JSTOR 25773787.
  10. http://www.gpo.gov/fdsys/pkg/FR-2012-10-01/pdf/2012-23995.pdf
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