From a unit at Peninsula Plaza, the director of a trading company collected close to $30 million over three years from people looking to send money to Myanmar. On Thursday, U Sun Tint, 66, was sentenced to six months’ jail and given a fine of $100,000 after he pleaded...
An individual seeking to remit money would approach either U Sun Tint or his wife at Leo International and hand over cash in Singapore dollars. The couple would then convert the sum to its equivalent value in Myanmar Kyat based on the exchange rate set by U Sun Tint.U Sun Tint would then sell the cash to businesspersons who approached Leo International to purchase cash in Singapore dollars. These businesspersons were typically Myanmar nationals seeking to purchase cash for their own needs.
At the end of the day, U Sun Tint or his wife would then direct U Sun Tint’s cousin to transfer various amounts in kyat to the bank accounts provided by their remittance customers. On June 28, 2020, a police operation at Peninsula Plaza to combat illegal remittance activities found Leo International to be conducting a remittance business without a valid licence.
The prosecutor said the case involved a staggeringly large sum and was an egregious breach of the licensing regime, which U Sun Tint knew fully well as he had made inquiries.
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