US law firm quits Myanmar, in another sign the country has lost appeal among US investors
MUMBAI, India - In 2013, Eric Rose opened the first American-owned law firm in Myanmar and invited 500 diplomats, politicians and business leaders to a luxury hotel to celebrate.
The country had long been one of Asia's most isolated economies, but a transition from military rule to democracy held the promise of major investment by U.S. companies - and plenty of legal work to guide those transactions.
That promise has been slow to materialize, and last month, after nearly five years, Rose handed off his clients, closed shop and let employees take home the office furniture.
Rose's departure was the latest sign of how Myanmar has lost its luster for U.S. investors, who say the military has relinquished little power and Aung San Suu Kyi's democratically elected government has failed to loosen the grip that army generals and their cronies retain over key industries.
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