On June 27, Myanmar’s military-led State Administrative Council (SAC), via the Central Bank of Myanmar (CBM), recently blacklisted 197 companies and their directors for violating the Foreign Exchange Management Law. Under changes made after the 2021 coup, exporters must deposit foreign currency export earnings into domestic banks within 30 - 60 days, or face penalties including fines and up to one year in prison. “Blacklisting” means these firms are prohibited from engaging in foreign currency transactions, effectively barring them from exporting and accessing critical remittances - a measure to stem capital flight amid acute foreign exchange shortages. In the past, firms have been released off the list for depositing their foreign currency export earnings or have changed their names to avoid blowback.
Notably, among those sanctioned is Chit Linn Myaing Toyota Co, a major enterprise owned by notorious Karen warlord Saw Chit Thu. The company was blacklisted under the same allegations of withholding export earnings. Saw Chit Thu, who leads the Karen State Border Guard Force and the Karen National Army, also has deep ties to transnational scam operations and human trafficking, alongside historical ties to the military. The U.S. imposed sanctions upon Saw Chit Thu and his two sons, Saw Htoo Eh Moo and Saw Chit Chit, on May 5.
The full list of companies is accessible here.
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