This is after the company made clarifications about charges against its executive chairman

 

SHARES of Yoma Strategic fell as much as 21.5 per cent on Wednesday (Jul 10) morning, following the group&rsquo s clarification that no charges have been filed against its executive chairman Serge Pun.

 

The counter was down S$0.03 to S$0.113, with 30.9 million shares having changed hands as at 9.22 am. The last time it closed near this level was June.

 

By 11.08 am, Yoma was the most actively traded counter by volume. Its shares were trading down 14.6 per cent or S$0.021 at S$0.123. No married deals were recorded in early trade, ShareInvestor data showed.

 

Before the market opened, Yoma issued a clarification in relation to an article by news agency, Myanmar-Now, which reported that Pun had been held in junta custody for more than a month over alleged violations of banking regulations.

 

In the article published on Tuesday, the news agency said Pun was summoned to Naypyitaw in early June and has since been detained along with eight senior employees of Yoma Bank and Yoma Land.

 

It also cited an anonymous source, who &ldquo confirmed that the 71-year-old tycoon is being held under house arrest as he faces unspecified charges&rdquo .

 

Yoma has since clarified that Pun is in Naypyitaw and has been meeting and cooperating with relevant authorities, including the Central Bank of Myanmar, on matters relating to the banking business.

 

The group noted that being a &ldquo responsible&rdquo business organisation in Myanmar, it engages with relevant government ministries and regulators from time to time to conduct its activities.

 

It also said its businesses and operations are not affected by Kasikornbank&rsquo s purported &ldquo tentative&rdquo actions to terminate banking services. &ldquo These actions reference the Myanmar banking sector in which the group is not involved.&rdquo