On April 27, 2026, shareholders of Advanced Connection Corporation Public Company Limited (ACC) are set to vote on a private placement that would make businesses linked to sanctioned Myanmar arms broker Kyaw Min Oo the single largest shareholding block.
Kyaw Min Oo is a key broker for the Myanmar Air Force’s fleet of Russian aircraft, via his Sky Aviator network of companies that includes businesses in Myanmar, Singapore and Thailand.
The illegal Myanmar junta uses Russian aircraft for its intensifying campaign of indiscriminate airstrikes against civilians that amount to the commission of international crimes. Through the Sky Aviator network, Kyaw Min Oo and his associates are aiding and abetting the junta’s international crimes.
Kyaw Min Oo also has a history of financial crime. In December 2023, he was convicted in Singapore for attempting to move more than S$500,000 in undeclared cash out of the country, together with two Myanmar accomplices.
Kyaw Min Oo has been sanctioned by the USA, EU, UK and Canada for facilitating arms deals and acting as a middleman for the military.
Justice For Myanmar submitted money laundering concerns regarding the private placement to ACC management on February 10, 2026, the Thai Securities and Exchange Commission (SEC), the Anti-Money Laundering Office (AMLO) of Thailand and the Stock Exchange of Thailand (SET) on March 4, and Singapore Customs regarding the trade of dual use goods for the Myanmar military on March 17.
On March 23 and April 20, the SEC instructed ACC to provide additional information on the private placement and has warned that failure to do so could result in the private placement being deemed not approved.
The private placement would sell a combined 23.25% stake in ACC to two Thai shell companies, Sky Avia Trading Co. Ltd. and Heli Asia Trading Co. Ltd., for 300 million baht (US$9.3 million), as part of a 350 million baht (US$10.8 million) total placement that also includes a Thai individual investor.
The Thai shell companies were set up in 2024 as subsidiaries of the Singapore companies Sky Avia Trading Pte. Ltd. and Heli Asia Trading Pte. Ltd., which were both founded by Kyaw Min Oo in 2015 and engage in the "trading of helicopter and aircraft spare parts".
In April 2022, Kyaw Min Oo, the sole owner of Sky Avia Trading Pte. Ltd. and Heli Asia Trading Pte. Ltd., transferred his shares to his long-time nominee director, Wee Lee Lian, a Singapore national, after Sky Aviator’s arms brokering was exposed by Justice For Myanmar. Kyaw Min Oo's role as founder and sole owner of the Singapore companies before the transfer to Wee Lee Lian is recorded in Singapore corporate registry filings and acknowledged in ACC's own independent financial advisor's report.
In June 2023, over a year after Kyaw Min Oo’s share transfer and while his Singapore network was purported to be under Wee Lee Lian’s directorship, the Ukraine-based engine manufacturer Motor Sich shipped a turboprop engine worth more than US$2.2 million directly to Sky Avia Trading Pte. Ltd.
Justice For Myanmar first exposed Motor Sich supplying engines to Sky Aviator for Myanmar military end use in 2021. The Sky Avia Trading shipment follows the same pattern.
2024 Thai corporate records, on file with Justice For Myanmar, reveal that the Thai companies Sky Avia Trading and Heli Asia Trading have near identical corporate seals to the Myanmar company Sky Aviator, which Kyaw Min Oo still operates to procure Russian arms.
Sky Avia Trading and Heli Asia Trading’s combined 23.25% ownership stake in ACC sits just under the 25% threshold that would trigger a mandatory tender offer for the remaining shares and require ultimate beneficial ownership disclosure. The stake was restructured down from an October 2025 proposal which would have given the two Kyaw Min Oo-linked companies a 27.02% stake in ACC, thereby avoiding the disclosure obligations.
ACC has posted consecutive losses and is seeking to raise cash for proposed new investments in solar energy, an area in which the Sky Aviator companies, Kyaw Min Oo and Wee Lee Lian have no disclosed experience.
ACC has also disclosed that, due to its continued losses, it has been unable to secure bank financing and has instead turned to Sky Avia Trading and Heli Asia Trading.
ACC’s management is proceeding with Monday’s vote despite its independent financial advisor, Welcap Advisory, concluding in an April 1 report that "proceeding with the transaction is not appropriate" and noting "a possibility that authorities may subsequently investigate the source of funds used for the subscription" which would adversely affect ACC and its shareholders. Welcap Advisory found "uncertainty regarding the source of funds and the ultimate beneficial owners" and warned that the "presence of risk factors relating to the qualifications of the [private placement] investors, specifically, concerns regarding whether they may be acting as representatives for other parties, poses a material uncertainty."
Yet, ACC’s Board has decided to recommend approval anyway, with the Chair of the Audit Committee, Weerachai Amornrat, abstaining. Weerachai’s opinion was that “financial control remains highly challenging” and that the financial advisor and independent financial advisor “are also unable to fully verify matters on a behavioural basis”.
ACC’s due diligence appeared to largely rely on checks of corporate registry records and sanctions lists, a methodology incapable of detecting a nominee arrangement would not, by design, appear in either.
Justice For Myanmar urges Thai authorities to fully investigate whether the ACC transaction constitutes money laundering under the Anti-Money Laundering Act, including as proceeds of arms dealing, sanctions evasion and transnational organised crime.
Singapore authorities should investigate Wee Lee Lian, Sky Avia Trading and related individuals over the June 2023 shipment of a turboprop engine from Motor Sich in potential violation of the Strategic Goods (Control) Act.
The ability of the Sky Aviator network to continue to operate internationally is, in part, enabled by loopholes created by gaps in sanctions against the Sky Aviator network of companies and individuals. While Kyaw Min Oo has been sanctioned in some jurisdictions, many of his associates, including Wee Lee Lian, remain unsanctioned.
Justice For Myanmar calls on the USA, UK, EU, Canada and Australia to respond with targeted sanctions against the whole Sky Aviator network and to urgently step up sanctions against other arms broker networks that are enabling the junta’s indiscriminate airstrikes.
Justice For Myanmar spokesperson Yadanar Maung says: "ACC is attempting to hand nearly a quarter of a Thai publicly listed company to businesses in an arms broker network that has supplied weapons to the illegal Myanmar junta for the wholesale killing of civilians.
"ACC’s own independent financial advisor has told shareholders to vote no, its own Audit Committee Chairman has abstained and the Thai SEC has publicly ordered further disclosures.
"Yet ACC's management is proceeding with a vote to give one of Myanmar's most notorious arms-brokering networks a dominant position in a Thai public company.
"Thai regulators must act to prevent a public listing on the Stock Exchange of Thailand from becoming a laundering channel for the proceeds of international crimes."
