1 May 2026 By Ra Wai
BANGKOK, Thailand — Justice For Myanmar (JFM) has issued an urgent call for Thai regulators to investigate and block a major investment in a Thai-listed company by a network linked to a notorious Myanmar arms broker.
The advocacy group revealed that shareholders of Advanced Connection Corporation Public Company Limited (ACC), a company listed on the Stock Exchange of Thailand, recently approved a massive share sale to two entities controlled by Kyaw Min Oo. Kyaw Min Oo is the head of the Sky Aviator network, which has been instrumental in procuring Russian-made aircraft parts for the Myanmar Air Force.
The deal, approved on 27 April with an 87.16% majority vote, would allow the Sky Aviator network to acquire a 23.25% stake in ACC, valued at approximately 300 million Baht ($9.3 million).
“ACC’s management is pushing ahead with a share transfer that raises extreme money laundering concerns,” Yadanar Maung, a spokesperson for Justice For Myanmar, told MPA. “Kyaw Min Oo’s core business is built on death and destruction. He profits directly from the junta’s deliberate airstrikes against civilians.”
Despite warnings from financial advisors and directives from the Thai Securities and Exchange Commission (SEC) calling for more transparency regarding the “ultimate beneficial owners,” ACC’s shareholders proceeded with the vote.
The investment is reportedly being funnelled through Thai-registered front companies acting on behalf of Singapore-based entities, Sky Avia Trading Pte. Ltd. and Heli Asia Trading Pte. Ltd. These companies are allegedly part of the logistics chain that supplies parts for the Russian jets used by the Myanmar military to bomb its own population.
Activists argue that the Sky Aviator network is exploiting gaps in international sanctions. While some entities in the network have been targeted by the US and UK, others remain unsanctioned, allowing them to move assets through regional financial hubs like Bangkok.
“Kyaw Min Oo and his associates must be held accountable for aiding and abetting the junta’s international crimes,” Yadanar Maung added. “Thailand must not allow itself to become a laundry for blood money. It is now the responsibility of the Thai authorities to step in where ACC shareholders failed.”
JFM is calling on the United States, United Kingdom, European Union, Canada, and Australia to coordinate and implement comprehensive sanctions against the entire Sky Aviator network to prevent them from accessing international banking systems.
As of Friday morning, the Thai SEC has not officially moved to freeze the transaction, but pressure is mounting from international human rights monitors for a full investigation into the source of the funds and the potential risk to the integrity of the Thai stock market.
