Adani Ports To Abandon Myanmar Container Terminal Project If Found Violating US Sanctions On Military Regime
Adani s Mundra Port in India (@WesternRly/Twitter)
Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday (4 May) clarified that it could abandon the container terminal project in Myanmar 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, reports
EU Expands Sanctions Against Burma Military, Companies
BANGKOK The European Union expanded its sanctions against Burma’s military leaders and army-controlled companies ahead of a regional meeting to discuss the worsening crisis after army leaders deposed the elected government.
The Council of the European Union’s latest sanctions target 10 individuals and two military-controlled companies already subject to sanctions by the United States, Britain, and other governments.
It is unclear if such moves are having any impact as the military escalates its efforts to crush opposition to its seizure of power. Burma’s economy is already in crisis, worsened by the coronavirus pandemic and by the mass civil disobedience movement that arose following the Feb. 1 coup.
Adani Group said late last month it would consult authorities and stakeholders on the project after human rights groups reported that its ports unit had an agreement to pay millions of dollars in rent to MEC.
S&P Dow Jones Indices said it is removing India's Adani Ports and Special Economic Zone Ltd from its sustainability index due to the firm's business ties with Myanmar's military which is accused of human rights abuses after a coup this year.