Mizzima published a story on 29 January 2023 entitled "Junta institutes new controls on foreign companies in Myanmar".

Our source for the story misread the Myanmar DICA nominee shareholder/nominee director directive to imply the directive refers to foreign companies operating in Myanmar. 

The DICA directive, issued on 17 January 2023, only refers to local companies, not foreign companies.

The directive is about beneficial ownership and anti-money laundering. The directive seeks to identify the true owner of a company, not a person or shell company standing in as a proxy. 

We apologize for the mistake.