Former American businessman detained in Myanmar after alleged financial misconduct

Key developments are emerging from the global stage. Asia Former American businessman detained in Myanmar after alleged financial misconduct June 15, 20268:45 AM ET By The Associated Press FILE - U. and Myanmar national flags are decorated at University of Yangon's convocation hall in Yangon, Myanmar, Nov. Gemunu Amarasinghe/AP hide caption toggle caption Gemunu Amarasinghe/AP BANGKOK — The former president of the American Chamber of Commerce in Myanmar has been detained upon his return to Yangon after the organization said it was looking into suspicious financial transactions by ex-board members.

Adam Castillo, a founder and owner of the security risk management firm AGS Myanmar, was detained Thursday at Yangon International Airport, according to an associate who spoke on condition of anonymity, citing safety concerns. Castillo's company told The Associated Press it was an "ongoing matter" and refused to comment further. Castillo did not respond to an email sent through his personal website.

The Details

Sponsor Message The U. State Department said it was aware of reports that an American had been detained in Myanmar but could not comment further "due to privacy considerations. " Myanmar's military-backed government hasn't released any official statement.

The government, the Yangon regional government office and the Yangon Regional Police Department did not answer requests for comment. Authorities in Myanmar, in the midst of civil war, rarely speak to international media. But several outlets close to the military, including NP News, reported that Castillo had been arrested after the American Chamber of Commerce filed a complaint against him.

He was president of the organization from 2023-2025. Asked about the complaint, the chamber's executive director, Myat Phyu The, said she could not give details but said the organization's May 29 annual report "covers the issue at hand. " The organization promotes American businesses.

What Experts Say

The report says the current board last year uncovered suspect transactions "undertaken by former board representatives" and referred the matter to a law firm for review. Investigators discovered that "a former board representative" had signed a contract in November 2024 with a Washington-based public relations firm, which paid him $300,000 that was "apparently collected and disbursed outside AMCHAM Myanmar's accounts. " "The signature exceeded the signing limits of individual board representatives, the board never approved the agreement," the report reads.

"AMCHAM Myanmar received no funds, made no payments, and received no services, and the matter was not disclosed to the statutory auditors. " Sponsor Message The report mentions that "two former members of the board" were involved in the case but does not identify either by name or say what legal action was taken by the organization. Myat Phyu The would not elaborate.

A June 12 statement on the organization's website said the board "has taken appropriate steps to safeguard the interests of the organization and its members.

The story has become one of the most prominent items on the global agenda.