The United States and Britain have imposed sanctions on conglomerates controlled by the Myanmar military following the February 1 coup and violent crackdown on protesters.

Myanmar Economic Holdings Ltd (MEHL) and Myanmar Economic Corporation are large holding companies that own more than 100 enterprises that generate military income on a scale exceeding any civilian company in Myanmar.

Financial information about the two companies exempted from income and commercial taxes was not disclosed. The funds they generate are bypassing official government channels, suggesting billions of dollars in revenues from oil and gas, copper and precious stones are left unaccounted for.

MEHL was the first privately owned company to be formed in Myanmar after the 1988 coup. The company is engaged in jade and ruby ​​mining, banking, food and beverage sales, tourism and transportation.

MEC was founded in 1997 and is equally diverse, but with a greater focus on the extraction of raw materials, including coal and gas, as well as manufacturing. Its main purpose is to supply the military with natural resources and manufactured goods.

The companies own two of Myanmar's largest private banks, giving the military access to the international financial system. Myawaddy Bank, founded in 1993, is owned by MEHL. MEC owns Innwa Bank, which opened in 1997.

Current and former senior officials of the Tatmadaw, as the locals call the military, including Commander-in-Chief Min Aung Hlaing, have significant control and influence over the two holding companies and their subsidiaries, Reuters reported.