MySQUAR Limited MySQUAR welcomes end to US sanctions (0773M)
October 10 2016 - 2:00AM
UK Regulatory
TIDMMYSQ
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has been revoked.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no longer in effect.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 Tel: +44 (0) 207
Jon Belliss/Elliot Hance 382 8300
Mirabaud Securities LLP
Joint Broker
Edward Haig-Thomas/Peter Tel: +44 (0)20
Krens 7878 3447
Public Relations Tel: +44 (0) 7816
Damien McCrystal 770 758
damien@mccrystal.info
This information is provided by RNS
The company news service from the London Stock Exchange
END
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