Source - RNS
RNS Number : 0773M
MySQUAR Limited
10 October 2016
 

MySQUAR Limited ("MySQUAR" or the "Company")

MySQUAR notes welcome end to United States sanctions on Myanmar

 

MySQUAR, the Myanmar-language social media, entertainment and payments platform whose principal activity is to design, develop and commercialise Myanmar-focused internet-based mobile applications, is delighted to observe that the United States of America formally ended its sanctions against Myanmar on Friday 7 October 2016.

 

Specifically, the U.S. has ended a declared "National Emergency" categorisation of Myanmar which had been in place since 1997, resulting in sanctions which were increased by a subsequent executive order in 2007. The sanctions followed a declaration of martial law in Burma, as it was then called, by the military government in 1989. In 2011 the country held democratic elections and in 2015 the National League for Democracy was elected to power with an absolute majority, resulting in a peaceful and carefully-managed transition from military to democratic rule.

 

President Barack Obama announced his intention to lift sanctions in September 2016 during a visit to the U.S. by Aung San Suu Kyi, the leader of the National League for Democracy.

 

The new executive order issued on 7 October by the Office of Foreign Assets Control (OFAC) states that:

·    All individuals and entities blocked pursuant to the Burmese Sanctions Regulations (BSR) have been removed from OFAC's Specially Designated Nationals and Blocked Persons (SDN) List.

·    All property and interests in property blocked pursuant to the BSR are unblocked.

·    The ban on the importation into the United States of Burmese-origin jadeite and rubies, and any jewelry containing them, has been revoked.

·    All OFAC-administered restrictions under the Burma sanctions program regarding banking or financial transactions with Burma are no longer in effect.

·    OFAC will remove the BSR from the Code of Federal Regulations.

·    Compliance with the State Department's Responsible Investment Reporting Requirements is no longer required by OFAC's regulations and is now voluntary.

·    All OFAC-administered restrictions and authorizations under the Burma sanctions program pertaining to banking with Burma are terminated.

·    Some individuals suspected by the U.S. to be involved in money laundering or narcotics trafficking will continue to be sanctioned.

 

Adam J. Szubin, Acting Under Secretary for Terrorism and Financial Intelligence at the U.S. Department of the Treasury, said: "Burma has made significant strides in recent years, including choosing a civilian-led, democratically elected government. Lifting economic and financial sanctions will further support trade and economic growth."

 

MySQUAR's CEO, Eric Schaer, said: "The lifting of sanctions goes even further than we had hoped and is effectively comprehensive. This changes the whole economy of Myanmar going forward and enhances the financial outlook of the Company.  Inward investment and trade should increase significantly as a result of the U.S. decision, increasing the prosperity of the Myanmar population. We believe that this development will have a profound effect on Myanmar and anyone conducting business therein."

 

For further information:

https://www.treasury.gov/resource-center/sanctions/Programs/Documents/burma_fact_sheet_20161007.pdf

 

 

MySQUAR Limited

 

Eric Schaer (Chief Executive)

Tel: +65 6818 6089

Pham Dang Hung (CFO)

 

 

 

SP Angel Corporate Finance LLP

 

Nominated Adviser

Tel:  +44 (0) 203 470 0470

Stuart Gledhill/Laura Harrison

 

Beaufort Securities Limited

Joint Broker

Jon Belliss/Elliot Hance

 

Mirabaud Securities LLP

Joint Broker

Edward Haig-Thomas/Peter Krens

 

 

 

 

Tel:  +44 (0) 207 382 8300

 

 

 

Tel: +44 (0)20 7878 3447

 

Public Relations

Damien McCrystal

 

Tel:  +44 (0) 7816 770 758

[email protected]

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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