Jail, fine for Myanmarese man linked to case involving three bank accounts that received over US$531mil in total
Myanmar national Nyan Win, 61, who had pleaded guilty to two counts of carrying on a business of providing a payment service in Singapore without a licence, will have to spend an additional six months behind bars should he fail to pay the fine.
His Singaporean accomplice Zin Nwe Nyunt, 58, was sentenced to a year and six months' jail on July 14.
Court documents stated that Nyan Win, a Singapore permanent resident, and Zin Nwe Nyunt's husband were childhood friends.
At the time of the offences, Nyan Win was a director at Piyar International, a company that dealt with motor vehicles.
In 2019, another Myanmar national known as Ko Phillip, who operated a commodities trading business, told Nyan Win he was looking for someone to incorporate a company in Singapore to assist in the operations of Ko Phillip's business.
This company would then create corporate bank accounts that be used to receive and transfer funds under Ko Phillip's instructions.
He offered Nyan Win a commission of 0.5 Myanmar kyat (S$0.0003) per US dollar received under this arrangement.
Nyan Win, who was interested in this opportunity, was uncertain whether he could set up a corporate bank account through Piyar International.
Without revealing details, Deputy Public Prosecutor Ryan Lim said this was because banks had previously closed the company's corporate bank accounts.
Nyan Win approached Zin Nwe Nyunt's spouse and told him about this potential business opportunity with Ko Phillip.
As the husband was holding an undisclosed full-time job, he suggested that his wife could assist in the firm's incorporation.
Nyan Win's Singaporean accomplice Zin Nwe Nyunt, 58, was sentenced to a year and six months' jail on July 14. - Photo: ST
It was later agreed between Zin Nwe Nyunt and Nyan Win that the corporate bank accounts would be controlled by Nyan Win. Commissions would then be split between the pair.
Zin Nwe Nyunt incorporated wholesale trading company Unione, and from July 2019 to May 2021, she opened accounts with three different banks through the firm.
She then handed the banking details to Nyan Win, the court heard.
DPP Lim said: 'Across 2020 and 2021, Nyan Win would liaise with Phillip to make arrangements for money to be received into Unione's corporate bank accounts.
'Nyan Win would also receive instructions from Phillip on where to transfer the money once it had been received into the bank accounts. Nyan Win would provide Zin with information regarding the incoming transactions for her to compute the commission amount.'
Between January and July 2020, Nyan Win used one of Unione's bank accounts to receive more than US$150 million before the money was transferred out.
Court documents do not disclose the source of the money.
Following these transactions, Zin Nwe Nyunt made over $56,000 in commissions while Nyan Win received more than $34,000.
On July 21, 2020, the bank closed the account due to the large number of suspicious transactions.
The DPP told the court: 'Zin, Nyan Win and Unione did not have in force a valid licence from the Monetary Authority of Singapore and were not an exempt payment service provider.'
Following the closure of this account, Zin Nwe Nyunt took instructions from Nyan Win and opened a corporate account with another bank.
Between late July 2020 and April 2021, Nyan Win used this account to receive more than US$250 million before the money was transferred out.
Zin Nwe Nyunt received nearly $76,000 in commissions while Nyan Win pocketed more than $50,000.
DPP Lim said that between August 2020 and March 2021, a third bank account was used to receive more than US$127 million. Over $119 million was then transferred out.
In August 2021, the police received information that an Australian scam victim had transferred US$1.8 million to several bank accounts maintained by companies in Singapore.
Investigations revealed three of these firms had transferred over $480,000 to the third bank account.
Investigators then uncovered links between Zin Nwe Nyunt, Unione and Nyan Win. The pair were charged in court in 2023.
On July 30, Nyan Win's bail was set at $20,000, and he was ordered to surrender himself at the State Courts on Aug 7 to begin serving his sentence. - The Straits Times/ANN
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Borneo Post
27 minutes ago
- Borneo Post
Crayfish make a splash in central Chinese city
Workers sort out crayfish at the China Crayfish Trading Center in Qianjiang, central China's Hubei Province on July 8, 2025. – Xinhua photo WUHAN (Aug 7): At 3am each morning, the only sound Ding Yuankai can hear is the gentle splash of oars slicing through a pond in Qianjiang, a city in central China's Hubei Province. With a flashlight strapped to his wrist and clad in waterproof overalls, Ding sets off in his small boat to begin his daily routine. One by one, he hauls up cages wriggling with red, armored crustaceans destined for dinner tables across the country. By the time he finishes checking all 60 mu (4 hectares) of ponds, the sky begins to pale. On the shore, seafood buyers are already waiting. 'When it gets hot, crayfish burrow into the mud to avoid the sun, so the catch drops,' Ding said. 'But it doesn't matter. Whatever I catch sells out. Qianjiang crayfish have a name. There's never a shortage of demand.' This year marks his ninth season in the business. Last year, his profits topped 5,000 yuan (about US$701) per mu. And with feed costs down and yields rising, he expects this year will be even better. In Qianjiang, this optimism runs deep. Every summer, the little crustaceans become a big business and a way of life. Much of Ding's morning haul will end up at the China Crayfish Trading Center on the city's outskirts. By 5am, the facility is abuzz. Workers sort, weigh and pack live crayfish for same-day shipment to restaurants and markets nationwide. Seafood vendor Wei Xiaotao monitors real-time prices on his phone through a digital platform that tracks supply and demand across over 30 production bases and major consumer cities. 'Farmers and traders can adjust their harvesting times and volumes based on price trends,' Wei said. 'It helps us better manage risks.' An aerial drone photo taken on Feb 28, 2024 shows farmers harvesting crayfish at a crayfish-rice integrated farming demonstration base in Qianjiang, central China's Hubei Province. – Xinhua photo By the time he spoke to Xinhua three hours after trading began, he had already sold out of crayfish – more than 500 kilograms. Some of Qianjiang's crayfish skip the fresh market and head straight for processing. At local factories, they're peeled, fried, seasoned and packaged, destined for shelves in Europe and the United States. Others are refined into high-value ingredients such as chitosan and chitin, which are used in pharmaceuticals, food and cosmetics, extending the value chain further. Qianjiang is now home to 48 crayfish processing enterprises, with a combined annual handling capacity of 800,000 tonnes. Qianjiang City is located on the Jianghan Plain, a major producer of rice, cotton, fish and shrimp. With fertile land and a large network of rivers and lakes, the plain is an ideal habitat for crayfish. The species is native to North America and was introduced to east China's Jiangsu Province by a Japanese merchant, appearing in the plain in the 1980s. Locals found the shellfish tasty and soon turned them into big business. Today, Qianjiang boasts a crayfish farming area of 947,000 mu. In 2024, the city sold more than 200,000 tonnes of live crayfish, generating a transaction value of over 10 billion yuan. In the first half of 2025, it recorded a trade of 177,000 tonnes, and the full-year volume is expected to reach a record high. To sustain growth, Qianjiang is pushing for technological innovation and year-round supply. In 2023, the Hubei provincial government launched a 10-point action plan to promote the high-quality development of the crayfish sector. Measures include those related to improving breeding systems, forming expert panels and developing new varieties. One major breakthrough came in December 2024, when Qianjiang hosted its first winter harvest ceremony, marking a milestone in off-season, large-scale crayfish marketing. 'The stable supply of crayfish during the winter and spring has improved farmers' ability to withstand market risks and increased their overall income,' said Guan Caizhang, who manages a local crayfish-rice integrated farming demonstration base. Zhang Yun, director of Qianjiang's crayfish industry promotion center, said that crayfish remain a pillar industry. 'We will continue to scale up training, accelerate selective breeding, and expand year-round farming models to drive further development,' Zhang said. – Xinhua
The Star
an hour ago
- The Star
Cautious market outlook for Hartalega
CIMB Research said near-term catalysts remains limited as tariff-related uncertainties and expansion of Chinese players' overseas capacity could further weigh on the industry. PETALING JAYA: The market remains cautious on the outlook for glovemaker Hartalega Holdings Bhd despite efforts on cost optimisation and the gradual recovery in demand as inventories from restocking diminishes. The company released its first quarter ended June 30, 2025 of financial year 2026 (FY26) results on Tuesday that were below market expectations due to lower demand and weaker average selling prices (ASPs). While the company told analysts at a briefing that it expects gradual recovery in FY26, observers have largely maintained a cautious stance due to oversupply from Chinese glovemakers leading to competitive ASPs and a looming RM101mil tax issue stemming from additional assessment for the years 2017 to 2022. CIMB Research, which maintained a 'hold' rating on the stock with a lower target price (TP) of RM1.45 from RM2.30, said near-term catalysts remains limited as tariff-related uncertainties and expansion of Chinese players' overseas capacity could further weigh on the industry. 'However, we see limited downside to the stock at current levels, with price-to-book value valuations now back to levels last seen during the glove supply glut in 2023, when industry-wide losses were prevalent,' it added. MBSB Research has kept its 'neutral' recommendation on the stock with a TP of RM1.24 from RM2.45. The research house pointed out to the thinning profit margins due to continued pricing pressure from Chinese glovemakers in the non-US markets. 'Note that the blended ASP contracted by 5% year-on-year. 'Given the pressure on both revenue and cost, we observed that the profit margin contracted to 2.4% from 6.8% a year ago,' it said, adding that the tough operating environment has translated to downward earnings revision of more than 50% for FY26 and FY27. Phillip Capital has also maintained a 'hold' rating with a TP of RM1.34 from RM1.64, reflecting lower ASP assumptions of US$19 to US$21 per 1,000 pieces from US$20 to US$22 as well as reduced sales volume in line with the company's latest guidance of six billion to six-and-a-half billion pieces. Maybank Investment Bank Research has maintained a 'sell' call with a TP of RM1.35 from RM1.41. The reserach house noted that that the company would continue to focus on its core nitrile glove segment and cost optimisation efforts, including workforce redeployment together with investing RM200mil to RM300mil over the next 18 to 24 months in automation and energy-saving upgrades. UOB Kay Hian Research expects the challenging outlook to continue pressuring sales and while the company expects US demand to recover, intensifying Chinese competition and oversupply dynamics continue to impact earnings. It has maintained a 'hold' call with a TP of RM1.40 from RM1.55.
The Star
an hour ago
- The Star
OpenAI in talks for share sale at US$500bil valuation
If the deal goes ahead, it would elevate OpenAI's on-paper price tag by roughly two-thirds. — Reuters NEW YORK: OpenAI is in early talks about a potential sale of stock for current and former employees at a valuation of about US$500bil, people briefed on the investment discussions said, marking an enormous gain in value for the artificial intelligence leader. The company is targeting a secondary stock sale in the billions of dollars, the people said, asking to remain anonymous because they weren't authorised to discuss the matter publicly. Existing investors, including Thrive Capital, have approached OpenAI about buying some of the employee shares, the people said. If the deal goes ahead, it would elevate OpenAI's on-paper price tag by roughly two-thirds. Its previous valuation stood at US$300bil in a US$40bil financing round led by SoftBank Group Corp, making it one of the largest privately held companies in the world. Representatives for OpenAI and Thrive declined to comment. The latest move follows news last week the startup had secured US$8.3bil from a syndicate of investors for a second tranche of that US$40bil financing, which was oversubscribed by about five times, according to one of the people briefed on the discussions. OpenAI managed to snag that funding ahead of schedule, the person said. Major US startups often negotiate share sales for their employees as a way to reward and retain staff, and also attract external investors. The firm run by Sam Altman is looking to leverage investor demand to provide employees with liquidity that reflects the company's growth, according to one of the people familiar with the negotiations. In recent months, OpenAI lost several members of its research staff to Meta Platforms Inc as the latter firm aggressively recruited top talent from Apple Inc and other competitors for its 'superintelligence' AI team, offering pay packages in the nine-figure range. A secondary sale for OpenAI could serve as a way to incentivise staff to remain at the company who are being offered lavish compensation. — Bloomberg
