Zaw Win Shein: Myanmar’s Youngest Crony Thrives Through Four Regimes

Zaw Win Shein

Since Myanmar’s 2021 military coup, Zaw Win Shein, CEO of Ayeyar Hinthar Group, has emerged as a prominent figure at junta-hosted events, solidifying his role as the country’s youngest and most politically adaptive tycoon.

Often seen alongside junta leader Min Aung Hlaing, Zaw Win Shein has donated generously to military-led causes, including religious, educational, and disaster relief efforts. His enduring presence across successive political eras sets him apart from other crony businessmen who have risen and fallen with shifting regimes.

A Career Forged in Political Alliances

Zaw Win Shein began modestly as a rice exporter during the State Peace and Development Council (SPDC) era. His breakthrough came through connections with the son of then-Quartermaster General Tin Aung Myint Oo, securing him profitable rice export licenses to China.

Leveraging these early ties, he expanded into construction, military supply, and palm oil imports. When Tin Aung Myint Oo retired, Zaw Win Shein aligned with his successor, General Wai Lwin, forming similar strategic partnerships that advanced his reach into military-linked enterprises.

During the Thein Sein administration, Zaw Win Shein grew closer to “Super Minister” Soe Thane, accompanying him on official missions and winning state tenders. He acquired prime government land and launched A Bank, later securing major projects like Pathein Industrial City with help from regional leaders and military intelligence networks.

Influence Under the NLD

Unlike many cronies who lost favor under the National League for Democracy (NLD), Zaw Win Shein preserved his influence, maintaining ties with party figure U Win Htein and Finance Minister U Kyaw Win, a former employee of his.

While increased scrutiny during the democratic period led to a public backlash over a golf event he sponsored—resulting in U Kyaw Win’s resignation—Zaw Win Shein remained unscathed. His A Bank secured the only new commercial banking license under the NLD, and he was awarded a key hydropower project in northern Shan State.

Post-Coup Consolidation

After the 2021 coup, Zaw Win Shein strengthened his standing with junta elites such as Lieutenant General Moe Myint Tun and Military Intelligence Chief Ye Win Oo. He retained lucrative military-linked contracts and forged ties with the current Quartermaster General, Lieutenant General Zaw Hein.

His most significant coup-era acquisition came in 2023 with the $576-million purchase of Ooredoo Myanmar, one of the country’s top telecom firms. The deal made him the only crony to simultaneously control a bank and a telecom company under the junta’s rule.

A Master of Adaptation

Unlike predecessors like Tay Za or Aung Ko Win, whose fortunes fluctuated with regime changes, Zaw Win Shein has thrived across Myanmar’s four most recent political eras—the SPDC, Thein Sein’s quasi-civilian government, the NLD, and now the military junta.

From a rice trader to a telecom magnate, Zaw Win Shein’s ascent reflects not just business acumen but a rare ability to navigate Myanmar’s volatile power landscape. Now entrenched among the country’s wealthiest and most politically connected elites, he stands as a new-generation archetype of Myanmar’s enduring crony capitalism.

-2025-06-11