Adam Castillo, former president of the American Chamber of Commerce in Myanmar (AMCHAM), has been detained in Yangon following allegations of financial misconduct involving unauthorized transactions. The arrest occurred on Thursday at Yangon International Airport upon his return to the country, according to an associate who spoke anonymously due to safety concerns. Castillo, founder and owner of AGS Myanmar, a security risk management firm, has not publicly responded to inquiries. The U.S. State Department acknowledged awareness of the detention but declined further comment, citing privacy considerations. Myanmar's military-backed government has not issued an official statement, and repeated attempts to contact the Yangon regional government and police department went unanswered.
AMCHAM's executive director, Myat Phyu The, confirmed that the organization's May 29 annual report addressed the matter, though she declined to provide specifics. The report states that suspect financial transactions were uncovered by the current board and referred to a law firm for review. It details that a former board representative signed a contract in November 2024 with a Washington-based public relations firm, receiving $300,000 outside of AMCHAM's official accounts. The report notes the signature exceeded individual authority limits, the board never approved the agreement, no funds flowed through the organization, and the transaction was not disclosed to auditors. The report refers to two former board members involved but does not name them. A June 12 statement from AMCHAM said the board had taken appropriate steps to protect the organization's interests.
Castillo's company profile identifies him as a former U.S. Marine officer who served in Afghanistan and current chair of Republican Overseas Myanmar, a group promoting "America First policies" in the region, established in 2024. Social media posts show he attended a business forum in Kuala Lumpur, Malaysia, on June 11, one day before his detention. His memoir, "Finding Our Voice," which details his experiences in Myanmar, was recently released.
The detention of a former American Chamber of Commerce president over a $300,000 unapproved payment raises questions about internal oversight at an organization meant to uphold business integrity. AMCHAM Myanmar's decision to refer the case to a law firm only after the funds had left the country suggests delayed accountability. The fact that the payment bypassed official accounts and audits entirely undermines the organization's credibility among international investors.
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