Since the 2021 coup in Myanmar, one young tycoon has been a fixture at junta-organized donation ceremonies and public events attended by junta boss Min Aung Hlaing. Widely regarded as the country’s youngest crony, Zaw Win Shein, the CEO of Ayeyar Hinthar Group, has maintained a high profile alongside the junta’s leadership – making donations to the regime for everything from pagoda constructions and school renovations to flood and earthquake relief efforts.
What sets Zaw Win Shein apart from other crony tycoons in Myanmar is his remarkable resilience amid the country’s political upheavals.
Though not yet 50, the businessman with interests in banking and telecommunications has managed to thrive in four successive political eras: under the State Peace and Development Council (SPDC), the quasi-civilian Thein Sein administration, the democratically elected National League for Democracy (NLD) government, and the current military regime – something other tycoons have failed to achieve.
Myanmar’s crony capitalism has seen many prominent businessmen rise and fall in tune with their proximity to power. Tay Za, for example, prospered under the SPDC but lost influence during the NLD years. Similarly, KBZ Bank founder Aung Ko Win managed to maintain his position during SPDC rule, Thein Sein’s administration, and the current junta but faced obstacles under the NLD government. Eden Group’s Chit Khine and Zaykabar’s Khin Shwe also saw their fortunes fluctuate with the political tide.
In contrast, Zaw Win Shein appears to be a unique case – able to maintain influence and business opportunities regardless of who is in power.
From Rice Trader to Conglomerate Boss
Zaw Win Shein’s began his career modestly as a rice exporter during the SPDC era. His fortunes changed dramatically after forging ties with the son of then-Quartermaster General Lieutenant General Tin Aung Myint Oo, which landed him lucrative rice export licenses to China.
From there, Zaw Win Shein expanded rapidly to other sectors. Through partnership with Tin Aung Myint Oo’s son, he ventured into construction, palm oil imports, and businesses supplying the Myanmar military, which kick-started his climb through Myanmar’s elite business hierarchy.
After Tin Aung Myint Oo retired, Zaw Win Shein built a similarly profitable relationship with his successor, General Wai Lwin, and collaborated closely with Wai Lwin’s son. This partnership allowed him to expand his influence in military-linked businesses, fueling a surge in his wealth.
Zaw Win Shein continued to thrive during President Thein Sein’s quasi-civilian administration. He formed close ties with Soe Thane, Minister of the President’s Office, known as “Super Minister” for his influence in cabinet. Zaw Win Shein frequently accompanied Soe Thane on official trips.
Through these ties, he won lucrative government tenders and acquired state-owned land at below-market prices – including a coveted plot previously occupied by the Yangon Military History Museum. He also expanded into the financial sector, establishing A Bank.
Zaw Win Shein strengthened his position among Myanmar’s elite through his relationship with then-Ayeyarwady Region Chief Minister Thein Aung. This connection helped him win the contract for Pathein Industrial City – a sprawling industrial complex project built on farmland.
Zaw Win Shein also cemented his ties to the country’s powerful military intelligence apparatus by appointing the son of Military Security Affairs chief, Lieutenant General Kyaw Swe, as a director of his company.
During the NLD government, while other cronies saw their influence decline, Zaw Win Shein remained well-positioned thanks to his rapport with U Win Htein, a key NLD figure.
Meanwhile the NLD’s Finance Minister, U Kyaw Win, had previously worked for Zaw Win Shein’s company. When U Kyaw Win made overseas trips, only individuals endorsed by Zaw Win Shein were allowed to accompany the minister – an indication of Zaw Win Shein’s continuing backstage influence.
However, the democratic era also brought tighter scrutiny of crony-government connections.
When Zaw Win Shein sponsored a golf tournament hosted by U Kyaw Win in Naypyitaw, the event drew public criticism and, following a formal investigation, the minister was forced to step down from his post.
Yet, Zaw Win Shein still managed to secure many lucrative business opportunities under the NLD government. His A Bank was granted a commercial banking license – the only such permit awarded during the NLD era. In addition, he won the contract to develop Phase 3 of the Shweli Hydropower Project on the Shweli River near Momeik in northern Shan State.
Following the military coup in 2021, Zaw Win Shein not only survived the transition but strengthened his position. He forged close ties with influential junta figures, including Lieutenant General Moe Myint Tun – responsible for economic coordination in the early days of the junta’s State Administration Council (SAC) – as well as Military Intelligence Chief General Ye Win Oo.
He also maintained his access to defense-related business opportunities through ties with the current Quartermaster General, Lieutenant General Zaw Hein.
Zaw Win Shein’s largest business deal under the current junta came when his company emerged as the sole buyer of Ooredoo Myanmar, one of the country’s biggest telecom operators. This US$ 576-million purchase – highly sought after by multiple powerful business interests – cemented his status as Myanmar’s youngest crony to own both a bank and a telecoms company.
Today, Zaw Win Shein ranks among Myanmar’s wealthiest and most politically entrenched business figures. Having expanded his economic leverage through shifting political landscapes, he now stands alongside long-time cronies as a top donor-client of the current junta.
