Yangon Stock Exchange-YSX-listed First Myanmar Investment (FMI) Executive Chairman U Thein Wai aka Serge Pun and two foreigners who hold the position of alternate director are retired, according to a notification sent to the shareholders of the company.

In another top-level change at FMI, shareholders were informed that U Tun Tun, who had previously served as executive director and chief operating officer, has been reassigned as chief executive officer (CEO).

In addition, it is stated in the notification statement to the shareholders that the Board of Directors of FMI Company are U Tun Tun, Dr. Aung Tun Thet, U Than Aung, U Kyi Aye, and U Lin Myaing.

FMI Company is mainly operating in the financial services, real estate and health services sectors and it was one of the first companies to be listed on the Yangon Stock Exchange in 2016.

There were reports that he was detained due to Money laundering and illegal money transfers, but Yoma Strategic Holdings Ltd denied that this was true.

During July, U Thein Wai resigned from the position of executive chairman of Yoma Strategic Holdings Limited, which is listed on the Singapore Stock Exchange.

U Thein Wai's son, Melvin Pun, holds the positions of chief executive officer and chairman of Yoma Strategic Holdings Ltd.