26 May 2026 By Ra Wai / MPA
Justice For Myanmar (JFM) has welcomed a decision by Thailand’s Securities and Exchange Commission (SEC) to suspend a private placement share sale by a Thai public company to entities linked to Sky Aviator, a notorious Myanmar military arms brokerage network.
The regulatory intervention halts an initiative by Advanced Connection Corporation Public Company Limited (ACC) to allot and issue private placement shares. According to JFM, the designated buyers included Sky Aviator Trading and Heli Asia Trading—two corporate arms of the Sky Aviator network—alongside a Thai investor identified as Wichai Wanavit.
Both Sky Aviator entities are registered in Singapore and operate namesake subsidiary operations within Thailand.
According to the official SEC notification, regulators discovered that ACC’s explanatory statements provided in its notice of the shareholders’ meeting lacked critical disclosures. Furthermore, the SEC determined that the transaction failed to comply with Section 5(2)(b), Section 5(4), and Section 7(2) of the Capital Market Supervisory Board’s Notification No. Tor Jor. 73/2558.
The SEC’s suspension order follows a controversial ACC shareholders’ meeting held on April 27, during which investors voted to approve the private placement. Crucially, shareholders pushed the deal through despite a formal counter-recommendation from the company’s own Independent Financial Advisor (IFA).
The suspension materializes after targeted advocacy from Justice For Myanmar. The rights group had dispatched formal letters to ACC, the SEC, Thailand’s Anti-Money Laundering Office (AMLO), and the Department of Business Development (DBD). JFM’s briefings warned that the Sky Aviator network was utilizing a proxy ownership architecture to secure a significant equity stake in ACC, raising severe red flags regarding potential money laundering.
ACC responded swiftly to the regulatory body’s enforcement action. The company acknowledged that while it had already received payments for the subscription, it is currently legally barred from executing the capital increase under the suspended private placement framework.
However, the corporate battle remains ongoing. On May 18, ACC’s Board of Directors convened and resolved to appeal the SEC’s suspension order. In a public statement, the company maintained that it possesses supplementary data and evidence that warrants a formal reassessment by regulatory authorities.
The Sky Aviator network is spearheaded by Kyaw Min Oo, who is documented as a primary arms broker for the Myanmar military junta.
Kyaw Min Oo is subject to targeted international sanctions imposed by the United States, the United Kingdom, the European Union, and Canada. Several of his domestic business enterprises in Myanmar have similarly been blacklisted by Western governments for facilitating weapons and hardware procurement for the military regime.
