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Published on May 4, 2021, 10:09 a.m.
“In a scenario wherein Myanmar is classified as a sanctioned country under the Office of Foreign Assets Control (OFAC), or if OFAC opines that the project violates the current sanctions, (Adani Ports) plans to abandon the project and write down the investments,” the company said in a filing to exchanges on Tuesday.
Sudarshan Varadhan and Anuron Kumar Mitra | Reuters
Adani Ports and Special Economic Zone Ltd said on Tuesday it could abandon a Myanmar container terminal project and write down the investment if it is found to be in violation of sanctions imposed by the United States. In a scenario wherein Myanmar is classified as a sanctioned country under the Office of Foreign Assets Control (OFAC), or if OFAC opines that the project violates the current sanctions, (Adani Ports) plans to abandon the project and write down the investments, the company said in a filing to exchanges on Tuesday. OFAC, part of the U.S. Treasury Department, administers and enforces economic and trade sanctions based on the country s foreign policy.
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Adani Ports could abandon Myanmar project if found to violate U S sanctions marketscreener.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketscreener.com Daily Mail and Mail on Sunday newspapers.
Adani Ports handled highest ever container volume of 7.2 million of twenty-foot equivalent units.
Adani Ports and Special Economic Zone Ltd said on Tuesday it could abandon a Myanmar container terminal project and write down the investment if it is found to be violating sanctions imposed by the United States. In a scenario wherein Myanmar is classified as a sanctioned country under the Office of Foreign Assets Control (OFAC), or if OFAC opines that the project violates the current sanctions, APSEZ plans to abandon the project and write down the investments, the company said in a filing to exchanges on Tuesday.