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Myanmar&rsquo s Generals Berate And Scold Bankers as Financial Crisis Deepens

By Hein Htoo Zan

July 12, 2024

in Business

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09-Oct-2023 20:55

Alita Resources / ALITA RESOURCES RESURRECT?

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Shareholders update:

https://links.sgx.com/FileOpen/231002%20-%20SGX%20Announcement%20-%20SSA.ashx?App=Announcement& FileID=773822

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01-Sep-2023 20:58

Alita Resources / ALITA RESOURCES RESURRECT?

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https://links.sgx.com/1.0.0/corporate-announcements/ZHU7HBGE55H9QYC4/03427462ddf7d5bfbe0644804041ebfac5ad8bc9bbc67c63fc7043c27fdcd8e9

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31-Aug-2023 13:07

Alita Resources / ALITA RESOURCES RESURRECT?

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https://links.sgx.com/1.0.0/corporate-announcements/0BU5JRBHIHTF8KRB/4daf492d4fa13ee13680faff0da5983643717494e98ecd76d8bd338d8dbfa064

Alita Resources will be liquidated. Who still holding this shares...?

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28-Mar-2023 21:52

Alita Resources / ALITA RESOURCES RESURRECT?

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This is the important judgement conclusion:
Conclusion and orders
82 For these reasons, Austroid' s application for summary judgment ought to be dismissed. I will hear from the parties as to the appropriate costs orders. My preliminary view is that the costs of the application should be costs in the cause.

Full court decision report Here:
https://ecourts.justice.wa.gov.au/eCourtsPortal/Decisions/DownloadDecision/a0f710b2-53f9-40ee-bb99-812d433e8bc9?unredactedVersion=False

Atom99 ( Date: 19-Feb-2023 10:36) Posted:

After almost three years, Alita Resources has not been handled over to the creditors.

https://links.sgx.com/FileOpen/Circular%20to%20Shareholders%20-%2016%20February%202023_.ashx?App=Announcement& FileID=746803

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19-Feb-2023 10:36

Alita Resources / ALITA RESOURCES RESURRECT?

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After almost three years, Alita Resources has not been handled over to the creditors.

https://links.sgx.com/FileOpen/Circular%20to%20Shareholders%20-%2016%20February%202023_.ashx?App=Announcement& FileID=746803

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22-Nov-2021 20:02

Shen Yao / Shen Yao (Miracle Medicine?): New Beginning!

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Audit blow for Ballarat gold mine owner

Peter KerResources reporter

Updated Nov 22, 2021 &ndash 4.38pm,

first published at 4.23pm

The Singaporean owner of the Ballarat gold mine has suffered another hit to its credibility, after its new auditor, EY, was unable to reconcile a number of accounting matters, including the company&rsquo s ability to trade as a going concern.

EY&rsquo s refusal to rubber-stamp the accounts filed by Singapore-listed Shen Yao Holdings comes two months after Victorian workplace safety regulators accused the company of contravening the state&rsquo s top workplace safety law and adds to concerns about the future of the mine.

The safety concerns at Ballarat were resolved sufficiently for Shen Yao to continue operating the mine beyond the October 15 improvement deadline imposed by WorkSafe Victoria in September, but EY&rsquo s assessment of Shen Yao&rsquo s accounts has shifted the spotlight to other aspects of the company&rsquo s conduct.

The Singaporean company lost $S19.1 million ($19.3 million) in the year to June 30 after the all-in sustaining cost of producing gold at Ballarat in the year was 20 per cent higher than the average price received for that gold.

Despite the fact Shen Yao was granted extra time by the Singapore Exchange to file its accounts, EY said it was unable to get sufficient evidence to support a range of accounting decisions taken by the company.

&ldquo We are unable to obtain sufficient appropriate audit evidence to assess the appropriateness of the carrying values of the mining properties, inventories and rehabilitation and preservation provision reflected in the consolidated statement of financial position ... and the consequential effect on mining costs and other related expenses,&rdquo EY said in the disclaimer of opinion it filed in relation to Shen Yao&rsquo s accounts.

EY said it was also unable to find &ldquo sufficient and appropriate&rdquo evidence to support Shen Yao&rsquo s assessment of its current assets, trade and other payables, income tax payable, property plant and equipment, and other balances.

It was therefore unable to determine whether Shen Yao&rsquo s carrying value for the Ballarat mine was appropriate.

&ldquo These factors and other matters disclosed in ... the financial statements indicate the existence of material uncertainties that may cast significant doubt on the group&rsquo s and the company&rsquo s ability to continue as a going concern,&rdquo said EY.

The situation comes after many long-serving and highly experienced employees exited the Ballarat mine in the two years since control of Shen Yao effectively changed to Yaoo Capital.

Shen Yao told the Singapore Exchange the company had generated positive cash flow in the three months to September 30, and it was confident it could continue as a going concern.

&ldquo Based on the group&rsquo s cash flow forecast, the group is able to generate positive cash flows from the mining operations to fulfil the payment of current liabilities as and when they fall due,&rdquo it said in a market filing.

One of the accounting &ldquo discrepancies&rdquo identified by EY related to &ldquo prepayments&rdquo to certain mining consultants, which the auditor said should have received a different accounting classification.

The prepayment of some service providers came in the same year that other contractors and holders of royalties on the mine&rsquo s production were forced to wait longer than expected for payments.

The storage of mine wastes, or tailings, at Ballarat has also been a focus this year, with a Shen Yao-controlled website recently suggesting the mine&rsquo s existing tailings storage would be full by the end of 2021.

But Shen Yao told the Singapore Exchange that the information on the website was outdated and directors were confident the mine had two years of tailings storage available.

Shen Yao said it had applied to Victorian government regulators for permission to establish further tailings storage.

&ldquo Applications have also been submitted to the relevant authorities for expansion of the capacity of the current tailings storage facilities as well as for the development of alternative storage facilities,&rdquo it said.

Jajabing ( Date: 22-Nov-2021 18:07) Posted:

Totally agree!! Yao maybe a good businessman, but if dun move with the times , sooner or later also dinosaur. But at this stage, haiz. Would suggest retailers/longest whatever u call us to hold off the buying first . Maybe get some at 2 to average down. Or simply wait till they consolidate the shares . But than Shares already so much, if they issue again options of what, be really prepared to consolidate, and than X Liao LOL

Thi654321ABCDEF ( Date: 22-Nov-2021 17:15) Posted:

if venture with crypto , then this one will mov

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13-Nov-2021 21:47

Yoma Strategic / YOMA

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From Frontier Friday.
Military cronies eye Telenor
The junta is opposing Telenor&rsquo s proposed $105 million sale to Lebanon&rsquo s M1 Group, according to the Financial Times, who spoke to individuals familiar with the situation. Though the military has not yet gone as far as to block the sale entirely, they appear to be doing everything in their power to force the sale to a Myanmar-based company instead &ndash presumably one that will eagerly hand over whatever user data the regime wants. The junta is essentially holding the company hostage, as it has barred Telenor executives from leaving the country. Telenor said it is awaiting &ldquo the Myanmar authority&rsquo s final response&rdquo . As the sale continues to stall, The Irrawaddy has reported that some of Myanmar&rsquo s junta cronies are expressing an interest in getting in on the action. Reuters already reported that M1 was in advanced talks with one Myanmar company, Shwe Byain Phyu Group, whose chairman has connections to the military-owned telco Mytel. But it seems some other, even better connected military cronies are entering the fray. Amara Communications, a subsidiary of IGE Group owned by Nay Aung, brother of Navy chief Moe Aung KT Group, owned by Johnathan Kyaw Thaung who has ties to Min Aung Hlaing&rsquo s son and Yoma Strategic Holdings, a conglomerate owned by tycoon Serge Pun, have all expressed an interest in acquiring a stake in Telenor Myanmar, according to the Financial Times. Serge Pun is already, indirectly, in business with Telenor Myanmar, as both companies hold a stake in Wave Money, the fintech service that Serge Pun runs.

Entropy72 ( Date: 02-Nov-2021 00:34) Posted:

Yoma no longer the transparent company it used to be. Sweeps everything under the carpet and never bothers to update investors on significant developments.

------------------

Farewell, Myanmar: Corporate exodus grows, from Europe to India

Japanese companies torn on whether to stay or go as economic growth stalls

BANGKOK -- At German wholesaler Metro' s warehouse outside of Yangon, the commercial capital of Myanmar, unmarked white trucks were parked in a line, stripped of their blue-and-yellow logos.

Cardboard boxes sat in piles inside the wholesaler' s downtown showroom, which had already closed for business. " Friday will be our last delivery," a security guard at the warehouse said Thursday.

Nearly nine months since the Myanmar military took control of the government, a slowing economy and mounting human rights concerns are pushing foreign companies to leave the country once hailed as Asia' s last great frontier market.

Metro announced last month that it will cease operations by the end of October, citing a volatile investment and business environment. " The current circumstances no longer allow us to operate the business to the high standards we set ourselves," the company said in a statement.

The company entered Myanmar' s wholesale market in 2019, supplying food to restaurants and hotels through a joint venture with Yoma Strategic Holdings, a unit of local conglomerate Yoma Group. The venture had received funding from the World Bank Group' s International Finance Corp., which was expecting Metro and its partner to improve the quality of Myanmar' s entire food supply chain, create jobs and raise farmers' income.

The Metro Myanmar distribution center in the Thilawa Special Economic Zone outside of Yangon.

Melvin Pun, CEO of Yoma Strategic Holdings, blamed slumping demand from hotels, restaurants and cafeterias due to the coronavirus pandemic.

" We will stop operations and then work on closing the joint venture," Pun told Nikkei. " We will likely sell the assets and business in the coming months."

European companies, which face particularly strong pressure on human rights from shareholders and advocacy groups at home, so far have made up the bulk of those exiting Myanmar.

In July, Norwegian telecom provider Telenor Group said it would sell its mobile operations in Myanmar for $105 million. Authorities had been pressuring the company to install spyware, sparking human rights concerns. Now the company faces uncertainty due to the military regime' s reluctance to approve the deal.

British American Tobacco also plans to leave by the end of the year.

" Having evaluated the long-term operational and commercial viability of our business in Myanmar, we have taken the decision to withdraw from the country," Madeeh Pasha, corporate affairs manager for Middle East and South Asia operations, said in an email.

But the exodus is starting to spread beyond European multinationals. India' s Adani Ports and Special Economic Zone on Wednesday said it would withdraw investment in Myanmar. The port operator had been working on a $290 million container terminal on land leased from the military-backed Myanmar Economic Corporation, which critics say helps fund the military.

" The company' s risk management committee, after a review of the situation, has decided to work on a plan on exiting the company' s investment in Myanmar, including exploring any divestment opportunities," the port operator said in a statement.

A total of 1,873 foreign-invested projects existed in Myanmar as of the end of September, according to its Directorate of Investment and Company Administration. The number has not changed dramatically since before the military took control, suggesting most businesses are still assessing the situation.

But the number of newly approved investment projects plunged to 48 for the year ended September -- just one-fifth the year-earlier level. Most of them were approved before the military took control in February, replacing a government led by Aung San Suu Kyi' s National League for Democracy elected in the November 2020 poll.

In addition to human rights, foreign investors have been deterred by the financial turmoil under the military government. Foreign currency at Myanmar banks is in short supply, and the local currency, the kyat, has swung sharply.

" We can' t convert our revenue into dollars to pay for products," one importer said, adding that many other companies are experiencing similar difficulties. The list includes manufacturers that source their materials and parts from overseas.

Myanmar' s economy will shrink 0.1% in 2022, then grow about 2.5% a year between 2023 and 2026, according to the International Monetary Fund. This would mark a stark turn of fortune from bullish midterm forecasts of around 6.5% growth made before the takeover.

Amid the growing business exodus, many Japanese companies find themselves torn. The Japanese government had supported businesses making inroads into Myanmar after it began a transition to civilian rule in 2011, and Japanese-owned companies in the Southeast Asian country now greatly outnumber those from Europe or the U.S.

" We' ve already invested a significant amount, so we don' t really have the option to leave," said an executive at a leading manufacturer.

A country manager of a trading house said, " We need to wait and see how the situation will change." Asked how long the company can wait, the manager replied, " Perhaps until the election." The military regime says a general election will take place by 2023. However, it is uncertain whether voting will be free and fair.

Another executive in the service industry said his company faces a dilemma over investor concerns. " We can' t make big investments since shareholders might object," the executive said.

A Japanese-owned accounting firm in Myanmar has seen business dry up. " About 20% of our client companies have either decided to withdraw or gone dormant," a manager said.

In one of the most high-profile moves by a Japanese multinational in Myanmar, beverage maker Kirin Holdings said it will dissolve its joint venture with a military-backed company shortly after the takeover, though negotiations have since stalled, a senior executive said.

" Basically we want to stay in Myanmar," the executive said. " Some manufacturers have said they will leave Myanmar but we don' t think there are many."

The Thilawa Special Economic Zone is the biggest showcase for Japanese investment in Myanmar. The power grid, port and roads there were funded through yen-denominated loans backed by the Japanese government, and operator Myanmar Japan Thilawa Development (MJTD) is 49% owned by Japanese players, including trading houses Sumitomo Corp., Mitsubishi Corp. and Marubeni. About half the roughly 100 companies operating in the zone are Japanese-owned.

Although some suspended operations following the takeover and amid a surge in coronavirus infections, " almost 90% of our tenants from before the takeover are now back in operation," an MJTD executive said.

But there are signs that many of them may not be running at full capacity. Owners of nearby restaurants and tea shops say customer traffic is a fifth of what it used to be.

" Normally during lunchtime, we are so busy we don' t even have enough tables," one owner said. " Now, only four or five customers will come in."

Pulling out of the country threatens the loss of local jobs, which adds another dimension to investors' decision-making.

" NGOs and other groups do not want businesses to leave recklessly, and are more concerned with funding and other ties with the military," said Yusuke Yukawa, head of the Yangon Office of Japanese law firm Nishimura & Asahi.

" If companies choose to continue operating, they will need to conduct a more high-level review on potential risks that they could contribute to human rights abuses."

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25-Sep-2021 00:45

Shen Yao / Shen Yao (Miracle Medicine?): New Beginning!

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Report from AFR:

Ballarat mine breaches took the slow boat to Singapore

Peter KerSep 24, 2021 &ndash 2.22pm

The Singaporean owner of the troubled Ballarat Gold Mine says it did not learn the mine had contravened Victorian workplace safety laws until 13 days after its Australian management were notified and five days after details of the breaches were published in The Australian Financial Review.

The time taken for Shen Yao Holdings directors to learn of WorkSafe Victoria&rsquo s intervention at the company&rsquo s major revenue generating asset was revealed in Shen Yao&rsquo s response to a market disclosure probe by the Singapore stock exchange.

That probe means Shen Yao is now the focus of regulatory attention in multiple jurisdictions, with WorkSafe and Victoria&rsquo s Earth Resources Regulation department running separate processes, while a NSW regulator may have further complicated matters for Shen Yao.

The NSW Department of Fair Trading told the Financial Review it had disqualified a real estate company linked to a director of Shen Yao&rsquo s Australian companies, Yuansheng Gu, after finding the real estate company had not met legislated standards.

Mr Gu was the founding director and shareholder of &ldquo The Success Property Group&rdquo in 2009, which provided advice and buyers agent services to foreign investors wanting to buy Australian real estate.

A spokeswoman for NSW Fair Trading said the company had failed to meet financial audit standards for the year ending June 2020, and had therefore been disqualified from working in the real estate industry as of September 1 and fined $11,000.

&ldquo The corporate licence holder failed to have a trust account audit carried out as required by section 111(1) of the Property and Stock Agents Act 2002 and they were penalised as a result,&rdquo she said.

An August filing to the Australian Securities and Investments Commission (ASIC) said Mr Gu ceased to be a director of The Success Property Group on December 31, suggesting he was a director of the company for the period relevant to the disciplinary action handed out by NSW Fair Trading.

ASIC records suggest Mr Gu remains a shareholder in the real estate business.

The disqualification was levelled against the company and not against Mr Gu personally Mr Gu remains a licenced real estate agent in NSW.

Over the past three months, Mr Gu was appointed as a director and secretary of Shen Yao&rsquo s Australian registered subsidiaries that own the Ballarat mine Balmaine Gold and Golden Point Group.

The timing of the NSW disqualification is inconvenient for Shen Yao, which in August became the subject of a &ldquo fit and proper&rdquo assessment by the Victorian government in relation to its ownership of the Ballarat mine.

Approached on Thursday about Mr Gu&rsquo s connection to The Success Property Group, Ballarat Mine general manager Henry Wang told the Financial Review he did not expect the matter would cause the company to fail the &ldquo fit and proper&rdquo test that Victorian regulators have underway.

Approximately seven hours later Golden Point Group lodged documents with ASIC that ceased Mr Gu&rsquo s directorship of Golden Point Group and another Australian subsidiary called Ironbark Mining.

Mr Gu&rsquo s directorship of Balmaine Gold was ended on Friday, according to a separate ASIC filing.

Golden Point Group, Ironbark Mining and Balmaine Gold did not publicly explain why Mr Gu&rsquo s directorships ended.

The end of Mr Gu&rsquo s directorships comes after WorkSafe found on September 2 that Shen Yao&rsquo s Australian subsidiaries had appointed a mine manager at Ballarat who did not hold &ldquo formal qualifications in mine engineering&rdquo .

The mine owners were given until October 15 to fix that breach and another relating to insufficient safety plans, which WorkSafe found had increased the risk of injuries and fatalities in the underground mine.

Shen Yao disclosed the WorkSafe improvement notices to the Singapore Exchange 18 days after they were issued by WorkSafe, 10 days after they were revealed in the Financial Review and five days after Shen Yao said its board members were informed.

&ldquo The Notices were issued and received on September 2, 2021 but was brought to the attention of the Board on September 15, 2021,&rdquo said Shen Yao in a market filing on Thursday.

&ldquo Operations at the Ballarat Gold Mine are ongoing and have not been adversely affected by the contraventions.&rdquo

The Singapore Exchange also asked Shen Yao to explain why it had not made market disclosures after a tunnel in the underground mine collapsed in March.

The tunnel collapse only became publicly known as a result of reports by the Australian Broadcasting Corporation&rsquo s (ABC) Ballarat bureau.

&ldquo Operations were not affected because of the incident as the collapse involved only a small section of the mine. It was also not expected to have a material impact on the financial position of the Group. As such no announcement was made in relation to the incident,&rdquo said Shen Yao in response to the Singapore Exchange&rsquo s enquiries.

Shen Yao conceded that staff turnover at the mine had been significant this year.

&ldquo Staff attrition rate has increased mainly due to a series of organisational and operational restructuring exercises implemented in respect of the group&rsquo s mining operations,&rdquo said Shen Yao in the market filing.

&ldquo This resulted in several unfair dismissal allegations and claims being initiated. The amount of the claims were assessed to be immaterial and operations at the mine were not affected.&rdquo

Shen Yao has asked Singaporean market regulators for extra time to file its accounts for the year to June 30 as it works on a number of accounting matters with its new auditor, EY.

The last financial information published by Shen Yao was for the three months to March 31 a period that saw profits fall 89 per cent below the same period of 2020.

The next set of Shen Yao accounts will be closely watched by Victorian regulators, particularly with regard to whether the Australian subsidiaries that own the mine continue to lend money to their Singaporean parent.

The Australian companies that own the Ballarat mine have made loans to their Singaporean parent in each of the past eight consecutive years, despite declaring as far back as 2014 that the Singaporean parent was a doubtful debtor.

According to the last set of accounts filed with ASIC, the vast majority of the loans have not been repaid to the Australian companies that own the Ballarat mine.

black_white ( Date: 24-Sep-2021 15:18) Posted:

If one can believe in the company, stay convicted, ride through the tough times with this company as it embarks on a rebranding process, one will be rewarded in the longer term. What he is doing, may have short term negative impacts, but it sets the required foundation for long term growth. A lot of uncertainties is without doubt, given the global environment and local laws and policies, but at least from what I have observed, SY is translating their words into actions on the ground.

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14-Jul-2021 19:16

FortressMinerals / The Case For Fortress Minerals

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Revenue of US$17.3 million outpaced the comparative period by 143.8%, driven by 61.6% increase in sales volume with record average realised selling price of iron ore of US$143/DMT. Superior gross profit margin of 80.5% achieved, supported by strong iron ore prices and sustained low average unit cost of sales with higher production volume. EBITDA increased 188.0% year-on-year (&ldquo yoy&rdquo ) to US$10.3 million with strong net cash flow generated from operating activities of US$9.3 million during the period.

Atom99 ( Date: 14-Jul-2021 19:13) Posted:

https://links.sgx.com/1.0.0/corporate-announcements/QZ63PDQTZHYBL03B/c227c2f64da4d85367f87ac914040eaa20ff8a31af54dd32c97a8db3106baf10

Atom99 ( Date: 12-Jul-2021 21:21) Posted:

15 JUL 202

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14-Jul-2021 19:13

FortressMinerals / The Case For Fortress Minerals

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https://links.sgx.com/1.0.0/corporate-announcements/QZ63PDQTZHYBL03B/c227c2f64da4d85367f87ac914040eaa20ff8a31af54dd32c97a8db3106baf10

Atom99 ( Date: 12-Jul-2021 21:21) Posted:

15 JUL 2021

xKaiseRx ( Date: 12-Jul-2021 08:51) Posted:

Where is 1Q report?????

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12-Jul-2021 21:21

FortressMinerals / The Case For Fortress Minerals

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15 JUL 2021

xKaiseRx ( Date: 12-Jul-2021 08:51) Posted:

Where is 1Q report?????

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23-Apr-2021 12:45

Yoma Strategic / YOMA

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Don' t think anything positive will come out of this meeting.ASEAN is weak with most of the countries having their own self interest.
The Myanmar junta is trying to gain recognition as the government of Myanmar by being in this meeting and if without the NUG/CRPH at the table...nothing is going to happen in Myanmar...only more blood and bodies on the streets.Imo

Entropy72 ( Date: 23-Apr-2021 12:12) Posted:

What to expect at ASEAN' s Myanmar crisis summit

Bloc' s divisions prompt predictions of ' modest progress at best'

KENTARO IWAMOTO, Nikkei staff writerApril 23, 2021 11:59 JST

SINGAPORE -- After weeks of laying the groundwork, the Association of Southeast Asian Nations will hold a special summit on Saturday to discuss the crisis in Myanmar. But a lack of unity within the bloc is already casting doubt on the outcome, with one analyst predicting " modest progress at best."

The in-person meeting will be held at the ASEAN Secretariat in Jakarta. Several top leaders are set to attend, including junta chief Min Aung Hlaing, who " will definitely go" according to a spokesman. Vietnam will send new Prime Minister Pham Minh Chinh, the government said on Wednesday.

Yet there will be conspicuous absences, too: Thai Prime Minister Prayuth Chan-ocha and Philippine President Rodrigo Duterte have both opted not to go.

The summit' s primary objective is to make a meaningful step toward a peaceful resolution of the crisis, in which over 700 people have been killed in military crackdowns since the Feb. 1 coup.

" The leaders should convince Gen. Min Aung Hlaing to cease the use of force on unarmed protestors," said Sharon Seah, coordinator of the ASEAN Studies Center at the ISEAS-Yusof Ishak Institute in Singapore. The country " needs a break in the cycle of violence before any form of mediation can take place," she said.

Nikkei Asia earlier reported that ASEAN was considering a proposal to send a humanitarian aid mission to Myanmar -- a potential first step in a long-term plan to broker dialogue between the junta and other parties.

For the junta, Min Aung Hlaing' s attendance suggests it wants international recognition as Myanmar' s official government. Some critics have argued that ASEAN should not have invited him in the first place. Human Rights Watch' s Asia director Brad Adams said on Wednesday that " ASEAN should be playing a constructive role in resolving Myanmar' s crisis, not providing a podium to the general most responsible for creating it."

Anti-government protesters hold placards in support of Myanmar' s new National Unity Government established by ousted legislators, in Yangon on April 17. © Reuters

Instead, many say ASEAN should embrace the National Unity Government recently formed by pro-democracy politicians and outlawed by the junta. As a result, attitudes toward the NUG and other parties at the summit will be closely watched.

So will any meetings that happen on the sidelines.

United Nations Secretary-General Antonio Guterres' special envoy for Myanmar, Christine Schraner Burgener, will be visiting the Indonesian capital this weekend in an apparent attempt to meet with the junta leader. A U.N. spokesperson explained on Wednesday that she is not attending the summit but will " have discussions with various parties who are also in Jakarta."

Burgener has been in Southeast Asia since early April but was refused entry into Myanmar. A key question is whether ASEAN will urge the junta to open its doors to her.

Some representatives at a U.N. Security Council meeting earlier this week expressed hopes for the ASEAN summit. But divisions within the bloc, and its longstanding policy of noninterference in members' internal affairs, threaten to dash them.

Indonesia, Malaysia and Singapore have been prominent voices calling for a resolution. Other countries such as Cambodia, Thailand and Vietnam have been reluctant to get involved.

Thai Prime Minister Prayuth will skip the meeting and send Deputy Prime Minister and Foreign Minister Don Pramudwinai in his place. When Prayuth spoke with Indonesian President Joko Widodo by phone on Thursday, he expressed " concern and worries" about the situation in Myanmar but said he would stay home to focus on Thailand' s rising coronavirus cases, according to a government statement.

Duterte also cited COVID-19 as his reason for appointing Foreign Secretary Teodoro Locsin as his envoy to the meeting, the Philippine Department of Foreign Affairs said. " The president, through Secretary Locsin, will convey the Philippines' commitment to ASEAN' s collective efforts in addressing threats and challenges to peace and stability in the region," the department said.

It added that Locsin would express " the Philippines' strong support" for an initiative led by Brunei and the ASEAN secretary-general to visit Myanmar and spearhead the response to the crisis.

Bill Hayton, associate fellow with the Asia-Pacific Program at the U.K.' s Chatham House, told Nikkei Asia that some countries " seem to be preventing consensus emerging. They seem more concerned with preventing interference in Myanmar' s affairs than in preventing the crisis from becoming worse."

Even if the other nine ASEAN states agree on proposals to the junta, there are two problems, according to Hayton. " Firstly, the Myanmar junta can simply refuse to do anything," he said. " Secondly, even if they agree, who will agree to talk to the military on the pro-democracy side?"

Other experts also offered relatively pessimistic views.

Seah of ISEAS said that " having a summit, versus not having one at all, is a small step forward." But she warned: " There are no guarantees that the summit will achieve any tangible outcomes so I would caution against harboring high hopes. It will be modest progress at best."

Political analyst Bridget Welsh was more blunt. " ASEAN is being used as cover by Southeast Asian governments to show action, but in fact they are not taking decisions that give them leverage -- recognizing the NUG government bilaterally, pulling out businesses that engage with the military and threatening Myanmar' s [membership] suspension," she told Nikkei Asia.

" For the moment," Welsh said, " indications are that it is moving toward a lowest common denominator -- and the lowest of them all is the Myanmar junta, which serves to gain the most by being asked to and recognized at the table."

Charles Santiago, chairman of ASEAN Parliamentarians for Human Rights, put the bloc' s mission this weekend in simple terms.

" ASEAN' s relevance will be displayed on Saturday," he said during an online seminar on Thursday. " This is about protecting the future of democracy in the region. If our leaders cannot stand with the people of Myanmar, it will be a very sad day."

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12-Apr-2021 15:04

Yoma Strategic / YOMA

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When YOMA was operating in Myanmar under previous millitary goverment it stock price was in pennies for a long time. Yoma stock price started to pick up only after the millitary government announced that they are going to hand over the power to an elected civilian government.( Aung San Suu Kyi NLD wins the by-election in 2012).Yoma quickly developed its business in my area during the civilian government and YOMA future looks very bright. Unfortunately,with this sudden turn of event in Feb 2021, the military coup is going to seriously impact YOMA business and other SGX listed companies operating in Myanmar.imo

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04-Apr-2021 13:56

Others / Victorious Spirit Eagle

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what is the implication if you decided not to go for for 2nd jab? Would you be certified as having immunity or being protected from COVID19 and can travel freely.Better to find out more from MOH.imo

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24-Mar-2021 09:31

Yoma Strategic / YOMA

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With no end insight and the military junta not going to back off ...YOMA share price is going to be beaten down to below 10c.imo

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