Aussino

Aussino: (The Edge) Playing by new rules. Good article on Zaw Zaw and the Max Myanmar grp. Zaw Zaw insist he has no political affiliations but will work with govt for betterment o Myanmar. Some Myanmar watchers describe Zaw Zaw as among more competent of the country’s cronies. Zaw Zaw is reported to have allowed dozens of regulators from SG to pore over his books in Yangon and is now opening himself to public scrutiny by granting interviews to the media. Zaw Zaw also gave defended claims by US that he was an ‘up and coming crony’, citing that most of the claims that he benefited from close ties to Myanmar’s general were based on rumours and local gossip. Add that his Max Myanmar Grp employs 8,000 people and plans to add another 1000 ppl nxt yr, and is the 7th largest income tax payer in 2011/12, with a rev of US$250m for FY11. Cite that he has obeyed the law and pay taxes and do not abuse human rights and should be left alone. Now as Zaw Zaw pays more attention to his image, he has begun pulling out of the construction business and is investing in cement manufacturing, which is a less politically charged business. He is also building up his 2 yr old Ayeyarwady Bank which has a network of 26 branches and growing at a rate of 1 branch every 3 wks. According to Zaw Zaw, Max Myanmar began exploring the idea of listing in SG or HK more then a year ago, but things only begin moving quickly after Magnus Bocker met Burmese Co’s in Yangon in May, explaining that US sanctions would not be an issue in approving the listing of businesses from Myanmar. Instead, businessman just need to prove that they have no criminal record and are fit and proper to run their businesses. Conclude that he has no doubt he is on the way to become an e.g for other businessmen frm his country and aims to be one of the best businessmen from his country and will take care of corporate social responsibility.