US blacklists two Myanmar military-controlled companies: US Treasury

Sun Online Desk

25th March, 2021 08:04:26 printer

US blacklists two Myanmar military-controlled companies: US Treasury

The United States on Thursday sanctioned two conglomerates controlled by Myanmar’s military following the generals’ Feb. 1 coup and deadly crackdown, according to a statement on the US Treasury Department’s website.

The sanctions target Myanma Economic Holdings Public Company Ltd (MEHL) and Myanmar Economic Corporation Ltd (MEC), according to a notice posted on the website.

The move by Washington freezes any assets held by the entities in the United States and is the latest in a series of sanctions following the military takeover that have targeted Myanmar’s central bank as well as top generals.

Thursday’s action is the first against the business interests of Myanmar’s military, which controls vast swaths of Myanmar’s economy with interests ranging from beer and cigarettes to telecommunications, tires, mining and real estate.

Representatives for the two entities had no immediate comment on Wednesday. Reuters had reported the sanctions had been expected.


Top