Yoma chair Serge Pun steps down

Pun Chi Tung Melvyn takes the helm as chairman and CEO.

Myanmar tycoon Serge Pun has stepped down as executive chairman of Yoma Strategic Holdings Ltd following his reported detention in his home country.

Pun was succeeded by his son, Pun Chi Tung Melvyn as chairman and CEO of the Singapore-listed group starting 24 July, according to a regulatory filing Wednesday.

Earlier this month, Yoma said he was unaware of any investigations launched by Myanmar authorities on the elder Pun and clarified that no charges had been filed against him.

The company also said they could not confirm whether Pun is currently detained or on house arrest.

The younger Pun claimed that his father remains in Nay Pyi Taw at the accommodation provided by authorities and is cooperating with them.