Asia World

From Wikipedia the free encyclopedia

Asia World Group
IndustryConstruction, Infrastructure, Energy, Manufacturing, Import-Export, Retail
Founded5 June 1992; 32 years ago (1992-06-05)[1]
FounderLo Hsing Han, Steven Law (Htun Myint Naing)
Headquarters
Yangon
,
Myanmar (Burma)
Key people
Lo Hsing Han, Steven Law (Tun Myint Naing), Cecilia Ng (Ng Sor Hong)
DivisionsAsia World Company
SubsidiariesAsia World Co Ltd., Asia World Port Management, Asia World Industries Ltd., Asia Light, Kokang Singapore Pte Ltd., Golden Aaron Pte Ltd., Pioneer Aerodrome Services Company Ltd., Yangon Aerodrome Company Ltd.
Websitewww.asiaworldcompany.com
For other uses, see Asia World (disambiguation).

Asia World Group (Burmese: အာရှဓန ကုမ္ပဏီ) is a Burmese conglomerate. It is Myanmar's largest and most diversified conglomerate, with interests in industrial development, construction, transportation, import-export, and a local supermarket chain.[2] About half of Singapore's investment in Myanmar (totaling US$1.3 billion in 2000) comes from Asia World affiliates.[3]

Corporate history

[edit]

Services

[edit]

Asia World is one of a few private companies in Myanmar that are involved in port management.[4] According to the Myanmar Port Authority (MPA), Asia World's subsidiary Asia World Port had the largest share of country's freight market in the fiscal year 2012–13, handling 45 per cent of goods that passed through Yangon. In addition to freight handling, Asia World Port handles general goods at Myanmar.[5] In August 2011, Asia World was one of four companies to be granted government licences to import and sell fuel in the country.[6]

Asia World's controls includes the following enterprises and businesses[citation needed]:

Business practices

[edit]

The company's founder, Lo Hsing Han, is an ethnic Kokang Chinese who controlled one of Southeast Asia's largest heroin trafficking armies.[7] Ten more companies in the group are owned in Singapore, under the name of Cecilia Ng (Ng Sor Hong), Steven Law's wife,[2] who US government officials allege operate an underground banking network that helps transport drug money from Burma to Singapore.[3] The company is associated to the United Wa State Army.[8] Asia World is widely believed to have committed money laundering to fund its activities and business expansions.[9]

Six subsidiary companies of Asia World, including Ahlone Wharves, Asia Light, Asia World Company, Asia World Industries, Asia World Port Management, and Leo Express Bus, are currently sanctioned by the British government as part of investment bans in Burma.[10] Since 2008, Asia World and its subsidiaries, including those run in Singapore, have been part of American targeted sanctions.[11]

Notable projects

[edit]

Asia World paved and widened the Burma Road that links Myanmar to China in 1998.[12] The company has also operated toll booths on Burma Road since 1998.[13][14] In 2000, Asia World constructed a major road connecting the port city of Pathein to the beach resort of Ngwesaung.[15]

Between 2007 and 2008, Asia World was responsible for a major expansion project at Yangon International Airport.[16][17] The company, with the technical assistance of Singaporean firm CPG Consultants, was also responsible for developing and constructing Nay Pyi Taw International Airport, which opened on 19 December 2011.[18]

In August 2013, Asia World was granted permission by Myanmar's government to distribute electricity to 37 towns in the Eastern Bago region of the country.[19]

Asia World was one of two major contractors (the other being Htoo Group of Companies) to build the country's new capital at Naypyidaw, including the National Landmark Garden.[20] The company, with the technical assistance of Singaporean firm CPG Consultants, was also responsible for developing and constructing Naypyidaw Airport, which opened on 19 December 2011.[21] Asia World was responsible for a major Yangon International Airport expansion project, including the construction of a new international terminal (opened May 2007)[16] and extension of existing runways (completed July 2008).[17]

The company has also partnered with China Power Investment Corporation to build controversial dams (including the Myitsone Dam) along the Irrawaddy River in Kachin State.[22] In Yangon, the company has stakes in supermarkets, office towers, condominiums and road construction. In 2011, it partnered with the Yangon City Development Committee to upgrade Strand Road.[23] The company is also involved in garment industries, beer production (Tiger Beer), paper mills, palm oil and infrastructure development.[8] Asia World has also operated a port in Yangon's Ahlone Township since 2000[24]

In July 2010, the government granted Asia World control of Yangon International Airport's passenger services operations and management, including collections of departure taxes.[25][26]

References

[edit]
  1. ^ "Tracking the Tycoons". The Irrawaddy. September 2008. Retrieved 5 March 2012.
  2. ^ a b McCartan, Brian (26 August 2009). "On the march to do business in Myanmar". Asia Times. Archived from the original on 29 September 2009. Retrieved 4 March 2012.{{cite news}}: CS1 maint: unfit URL (link)
  3. ^ a b "Burmese Tycoons Part I". The Irrawaddy. June 2000. Retrieved 5 March 2012.
  4. ^ "State-owned ports to be privatised as soon as possible". Myanmar Times. Archived from the original on 12 June 2012. Retrieved 9 January 2014.
  5. ^ Thiha (19 September 2013). "Asia World Port tops the list of Yangon freight handlers". Consult Myanmar. Retrieved 9 January 2014.
  6. ^ Shwe Gaunh, Juliet (10 October 2011). "Privatised LPG not market rate: traders". Myanmar Times. Archived from the original on 2011-10-14. Retrieved 5 March 2012.
  7. ^ Glendinning, Chellis (1 February 2005). Chiva: a village takes on the global heroin trade. New Society Publishers. pp. 174. ISBN 978-0-86571-513-4.
  8. ^ a b Rotberg, Robert I. (1998). Burma: prospects for a democratic future. Brookings Institution Press. p. 179. ISBN 978-0-8157-7581-2.
  9. ^ Falco, Mathea (2003). Burma: time for change. Council on Foreign Relations. pp. 29. ISBN 978-0-87609-333-7.
  10. ^ "CONSOLIDATED LIST OF FINANCIAL SANCTIONS TARGETS IN THE UK". HM Treasury. 21 December 2011. Archived from the original on 2012-05-05. Retrieved 5 March 2012.
  11. ^ Wai Moe (26 February 2008). "More Junta Cronies Hit By US Sanctions". The Irrawaddy. Retrieved 5 March 2012.
  12. ^ Zaw, Myinmo; Kudo, Toshihiro (2011). "A Study on Economic Corridors and Industrial Zones, Ports and Metropolitan and Alternative Roads in Myanmar" (PDF). BRC Research Report (6). Bangkok Research Center. Archived from the original (PDF) on 3 September 2013. Retrieved 23 January 2014.
  13. ^ Fujita, Kōichi; Fumiharu Mieno; Ikuko Okamoto (2009). The Economic Transition in Myanmar After 1988: Market Economy Versus State Control. NUS Press. p. 114. ISBN 978-9971-69-461-6.
  14. ^ Chua, Amy (6 January 2004). World on fire: how exporting free market democracy breeds ethnic hatred and global instability. Random House. pp. 26. ISBN 978-0-385-72186-8.
  15. ^ Pan Eiswe Star (1 June 2009). "Tourism boosts Ngwe Saung growth". Myanmar Times. Archived from the original on 2012-11-17. Retrieved 5 March 2012.
  16. ^ a b Aye Sapay Phyu (20 June 2011). "Government reveals plan to expand Yangon International Airport". Myanmar Times. Archived from the original on 2011-06-21. Retrieved 5 March 2012.
  17. ^ a b Pan Eiswe Star (28 July 2008). "Yangon airport completes runway extension". Myanmar Times. Archived from the original on 2012-02-15. Retrieved 5 March 2012.
  18. ^ Zaw Win Than (26 December 2011). "Nay Pyi Taw International Airport opens". Myanmar Times. Retrieved 23 January 2014.
  19. ^ "Asia World Company to provide electricity for Bago Region". Eleven Media. 31 August 2013. Archived from the original on 1 February 2014. Retrieved 9 January 2014.
  20. ^ Thein Linn (2 February 2009). "Nay Pyi Taw hosts landmark garden". Myanmar Times. Archived from the original on 12 September 2012. Retrieved 5 March 2012.
  21. ^ Zaw Win Than (26 December 2011). "Nay Pyi Taw International Airport opens". Myanmar Times. Archived from the original on 6 May 2013. Retrieved 5 March 2012.
  22. ^ "US embassy cables: how Rangoon office helped opponents of Myitsone dam". The Guardian. 30 September 2011. Retrieved 4 March 2012.
  23. ^ Kyaw Hsu Mon (21 March 2011). "Strand Rd to become main commercial artery: YCDC". Myanmar Times. Archived from the original on 16 September 2011. Retrieved 5 March 2012.
  24. ^ "State-owned ports to be privatised as soon as possible". Myanmar Times. 2009. Archived from the original on 12 June 2012. Retrieved 4 March 2012.
  25. ^ Zaw Win Than (4 April 2011). "Yangon airport departure tax to rise from July". Myanmar Times. Archived from the original on 2011-10-19. Retrieved 5 March 2012.
  26. ^ Zaw Win Than (11 July 2011). "Airport ups departure tax, again". Myanmar Times. Archived from the original on 4 September 2012. Retrieved 5 March 2012.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Asia_World&oldid=1255707607"