A week on, the military coup is exacting an increasingly steep economic cost.
The Singaporean businessman Lim Kaling has become the latest foreign investor to cut his ties to Myanmar’s military following the latter’s coup d’etat on February 1.
Lim, the co-founder of Hong Kong-listed gaming group Razer, was a minority shareholder in Virginia Tobacco Company through RMH Singapore Pte Ltd, which owns 49 percent of the Myanmar firm. The rest of Virginia Tobacco is owned by Myanmar Economic Holdings (MEHL), one of two tentacular conglomerates run by Myanmar’s military, or Tatmadaw.
In a statement issued Tuesday, Lim announced that he would divest himself of his holding in Virginia Tobacco because of “grave concern” over the political situation in the country. He added that he was “exploring options for the responsible disposal of this stake.”
The Singaporean businessman Lim Kaling has become the latest foreign investor to cut his ties to Myanmar’s military following the latter’s coup d’etat on February 1.
Lim, the co-founder of Hong Kong-listed gaming group Razer, was a minority shareholder in Virginia Tobacco Company through RMH Singapore Pte Ltd, which owns 49 percent of the Myanmar firm. The rest of Virginia Tobacco is owned by Myanmar Economic Holdings (MEHL), one of two tentacular conglomerates run by Myanmar’s military, or Tatmadaw.
In a statement issued Tuesday, Lim announced that he would divest himself of his holding in Virginia Tobacco because of “grave concern” over the political situation in the country. He added that he was “exploring options for the responsible disposal of this stake.”