The Adani Business Formula: Dealing with Myanmar s Military thenews-chronicle.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews-chronicle.com Daily Mail and Mail on Sunday newspapers.
Foreign banks cashing in on Myanmar’s brief economic liberalisation are facing new compliance headaches after fresh sanctions were imposed on the military junta, with the sector put on notice over further sanctions targeting the country’s energy and commodities sectors.
The US and UK announced co-ordinated sanctions in late March against the military holding companies Myanma Economic Holdings Limited (MEHL) and Myanmar Economic Corporation Limited (MEC), which the two governments said were enmeshed in broad sectors of the economy including mining, trade, banking, logistics, agriculture and manufacturing.
Myanmar’s military seized power in a coup on February 1, claiming irregularities in a January election in which Aung San Suu Kyi’s National League for Democracy secured an overwhelming victory. The military ruled the country between 1962 and 2011, freeing Suu Kyi from 15 years of house arrest in 2010.
Wednesday, 7 April, 2021 - 11:30
(Photo: Reuters) Washington- Elie Youssef
The US Treasury Department issued on Monday a statement clarifying the implementation of the secondary sanctions pursuant to the Caesar Act on non-US persons.
It affirmed that the Caesar Syria Civilian Protection Act of 2019 does not hinder the humanitarian aid delivery to Syrians.
According to the statement, the Office of Foreign Assets Control (OFAC) will not consider transactions to be “significant” for the purpose of a sanctions determination under the Caesar Act if US persons would not require a specific license from OFAC to participate in such a transaction.
Therefore, non-US persons, including non-governmental organizations (NGOs) and foreign financial institutions, would not risk exposure to sanctions under the Caesar Act for engaging in activity, or facilitating transactions and payments for such activity, that is authori
Thursday, 1 April 2021, 2:23 pm
Corporate morality can be a flexible thing. Some
companies see tantalising dollar signs afloat in the spilt
blood of civilians and dissidents. Military governments,
however trigger crazed, offer ideal opportunities;
potentially, corners can be cut, regulations relaxed. The
Adani Group has shown itself to be particularly unscrupulous
in this regard.
In many ways, it is fitting. The
group’s record
in a range of areas suggests that the profit motive soars
above any other consideration. Environmentally, Adani is an
irresponsible, wretched beast. A shonky Adani coal ship, the
MV Rak, sank off the coast of Mumbai in August 2011