Deloitte director in Myanmar appointed as national finance minister

20 June 2018

Deloitte Myanmar managing director U Soe Win has been appointed as the nation’s new planning and finance minister following the departure of the previous incumbent amid corruption claims.

With a unanimous vote by parliament following his nomination by Myanmar President Win Myint, the 80 year-old finance veteran and Deloitte Myanmar Country Managing Parter U Soe Win has assumed the role of national Planning and Finance Minister. The appointment follows the resignation of former finance minister U Kyaw Win in the wake of an investigation by the country’s anti-corruption body the ACC, and comes at a time of stagnating economic growth.

“Although he is old, we believe he is the best one who can take the post, which is most important to drive economic development in the country,” a senior source from the ruling National League for Democracy (NLD) party told The Myanmar Times upon Soe Win’s nomination. “He runs his own business and has a good reputation. He accepted the position as he wants to help the country.”

Following three decades with the state-run Myanmar Foreign Trade Bank (MFTB), and a stint with PwC, Soe Win founded tax and investment consultancy Vigour Advisory in 2003, which after several years of collaboration became an official Deloitte member firm in 2016 under the banner of Deloitte Touche Myanmar Vigour Advisory – with Soe Win installed as Country Managing Partner. At the time, government regulations dictated that audit practices be operated under local company titles, banning foreign auditors.U Soe Win, Planning and Finance MinisterSoe Win said of the official integration in 2016; “We would like to bring local [certified public accountants] up to international standards so that our CPAs can perform to the requirements of the multi-national corporations who are investing in this country and according to the demands of the IFRS (International Financial Reporting Standards).” In addition to tax, accounting, and assurance, together, the entity offers services in strategy & operations, technology, human capital, M&A, infrastructure, market entry, and, incidentally, anti-corruption and corporate restructuring, amongst other areas.

According to local reports, the ACC, which had commenced its investigation into the former finance minister Kyaw Win last month following complaints of corruption, has since delivered its report to the President. Prior to Kyaw Win stepping down, however, there had already been local and World Bank concern expressed for the lack of progress on economic reforms. Kyaw Win had been in the role since 2016 – despite criticism over claims of a fake doctorate – during which time foreign direct investment has slowed and in turn the economy; a slide the government will be hoping the experienced finance operator Soe Win can arrest.

Altogether, Soe Win has 46 years of experience in advising on taxation, investment laws, finance and banking, and is a member of the Bar Council in Yangon and senior member of the NLD’s Central Economic Committee, as well as serving on the board of independent economic think-tank the Renaissance Institute. After joining the Foreign Exchange Department of the MFTB – where he would ultimately become general manger, Soe Win trained in the UK with the National Westminster Bank and the Bank of England in 1976.

Deloitte adds Richard Hayler as Disputes and Arbitration leader

16 April 2019

Deloitte has brought in Richard Hayler as its new Southeast Asia Disputes and Arbitration Leader. Hayler crosses from FTI Consulting – continuing the recent personnel shuffle in the regional forensics space.

Following the onboarding of veteran forensics expert Jarrod Baker as its new Forensic Investigations Leader for Southeast Asia earlier this year, global professional services leader Deloitte has added another ex-FTI Consulting executive to its regional forensics practice with the appointment of Richard Hayler as its new Southeast Asia Disputes and Arbitration leader. It’s Hayler’s second stint at the Big Four firm.

Originally starting out as an auditor in the chemicals, pharmaceuticals & energy practice of fellow Big Four firm KPMG in the UK (via a five-year Technical Director role with specialist life sciences consultancy Primarius), Hayler after three years crossed to Deloitte in 2008, serving as an Associate Director for its Forensic & Dispute Services division in London, and then from 2012 in Singapore. 

From there, Hayler joined the Singapore office of FTI Consulting’s Economic & Financial practice, promoted to senior managing director at the beginning of last year. Now, like his colleague Baker, Hayler has returned for his second stint with Deloitte, after respectively four and nearly six years with FTI. Meanwhile, FTI recently added e-discovery expert Christopher Marks as a senior managing director – continuing its global raid on Ernst & Young.

“I am delighted to be returning to Deloitte rejoining old friends and being on board with a great team,” Hayler said. This is an exciting time to be back at Deloitte as the firm has made great strides integrating to serve its clients across Asia Pacific better and I look forward to being part of that success.” As of September last year, Deloitte began integrating its Asia Pacific arms into single operational unit – with a co-attendant $321 million investment committed to human capital.Deloitte adds Richard Hayler as Disputes and Arbitration Leader in Southeast AsiaHayler across his career has developed expertise in a broad range of  competencies around forensics, disputes and litigation, including complex valuations, M&A and contractual disputes, accounting irregularities; alleged misappropriation, asset tracing and fraud investigations among others – having led or advised teams multiple jurisdictions in “some of the largest and most complex cases in the last decade.”

“Having Richard in our leadership team is a strong market differentiator,” said Tim Phillipps, Deloitte’s Financial Crime Strategy and Response Network leader for APAC. “His track record and extensive experience will be critical as we continue to expand and strengthen our presence in the Southeast Asia region.  It will enhance our capacity to serve our clients, and ensure that we continue to provide clear, timely and insightful counsel.”

In addition to Deloitte, Hayler serves on the Standards Review Board of the International Valuation Standards Council, as well as being a member of the adjunct faculty at Singapore Management University’s School of Law and the Honorary Treasurer for the Board of Directors of the Chartered Institute of Arbitrators Singapore. He was also last year a group representative for financial & fintech business group with the local British Chamber of Commerce.

According to the firm, Hayler’s recruitment forms part of its plans to expand its forensics services in the region – a practice which has already grown substantially in recent years to include more than 125 dedicated forensic practitioners based in Singapore, Indonesia, Malaysia, Thailand, and Vietnam, with growth driven by investment in disputes and arbitration, electronic discovery, investigations, forensic digital platforms and financial crime advisory and analytics among other areas.