A Singaporean bank is planning to close the accounts of a Myanmar airline, following the military coup and subsequent crackdown on protesters. The move aims to impose financial pressure on the military junta and contribute to international efforts to restore democracy in Myanmar.
Singapore-based bank United Overseas Bank (UOB) is set to close all accounts associated with Myanmar Airways International (MAI) by August 15th. Leaked documents indicate that UOB rejected MAI’s request to keep their accounts open, and confirmed that all five MAI accounts will be closed, with the processes closely monitored. In response, MAI is reportedly attempting to open accounts at other banks, including DBS, Kasikorn, and Emirates NBD. No reasons have been given by UOB or MAI for the account closures, but it is speculated that they may be connected to recent sanctions imposed by the US Treasury Department on Myanmar’s Myanmar Foreign Trade Bank and Myanmar Investment and Commercial Bank. MAI is known for its close ties to the military and has been accused of illegal activities, including money laundering and land seizures from the Rohingya people by advocacy groups like Justice for Myanmar.
