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.
7-677: 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. As recent as 2007, the US continue to suspect Shwe Taung Group (formerly Olympic Construction Group ) of laundering drug money, as evident by
14-573: 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 , which was Burma's largest private bank until the banking crisis of 2003. The US Secretary of Treasury also designated Asia Wealth Bank as financial institutions of primary money laundering concern and
21-764: 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, which was Burma's largest private bank until the banking crisis of 2003 . Aik Htun also runs one of the country's largest construction businesses, the Olympic Construction Company, established in 1990 and primarily focuses on residential and hotel development in Yangon He and his immediate family members are subject to European Union sanctions, from benefiting from close ties to
28-591: 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 This findings by the US treasury is only rescinded the against the bank in 2012 as the results of the revocation of the bank licenses by the government of Myanmar, not because of remedial actions by the bank. Aik Htun ( Burmese : အိုက်ထွန်း IPA: [aiʔ tʰʊ́ɴ] ; variously spelt Eik Tun , Eike Htun , and Aik Tun )
35-402: 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 as the results of the revocation of the bank licenses by the government of Myanmar, not because of remedial actions by the bank. Asia Wealth Bank Asia Wealth Bank ( Burmese : အာရှဓနဘဏ် )
42-410: The leaked US embassy cable exposed by wiki-leaks. 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. The Chairman of Shwe Taung Group is Aik Htun , also spelt Eike Htun , while his son, Aung Zaw Naing ,
49-553: 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
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