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Wednesday, May 22, 2024

Shocking report accuses Indian billionaire of funding Myanmar military-owned firm

According to the report, the Adani Ports subsidiary paid a minimum of US$30 million in land lease fees to Myanmar Economic Corporation which is owned by the military responsible for human rights abuse in Myanmar.

In shocking revelations, two human rights groups alleged that Indian business magnate Gautam Adani paid around $52 million to Myanmar Economic Corporation – a Myanmar-military owned company, sanctioned by the United States and other western powers for human rights abuses.

A report by the Australian Centre for International Justice (ACIJ) and Justice For Myanmar (JFM) exposed “shocking” new links between Adani Ports, and the Myanmar military-owned company Myanmar Economic Corporation (MEC).

According to the report, the Adani Ports subsidiary paid a minimum of US$30 million in land lease fees to MEC and a further US$22 million in land clearance fees.

Read more: Indian PM Modi directly running Anti-CPEC Terror Cell

The report ‘Port of Complicity: Adani Ports in Myanmar’ published leaked documents establishing for the first time the amount paid by Adani Ports and Special Economic Zone Limited’s (Adani Ports) Myanmar subsidiary, the Adani Yangon International Terminal Company Limited, which is constructing a container port in Yangon on military-owned land.

The allegations that billionaire Gautam Adani is conducting business deals with a Myanmar military-linked company, came at a time when Washington and other Western powers are lobbying governments to act against the Myanmar army for the 1 February coup.

Read more: US urges China to play helpful role to end Myanmar coup

The report publishes explosive photos of Adani CEO Karan Adani exchanging gifts with the Commander-in-Chief of the Myanmar military, Senior General Min Aung Hlaing, in a tour of Mundra Port in India in July 2019.

Gautam Adani is the founder and the Chairman of the Adani Group which ranks among the top 3 industrial conglomerates in India. Adani Group is constituted of six publicly listed entities with a combined market capitalization in excess of $80 billion; with businesses spanning across energy, ports and logistics, mining and resources, gas, defence and aerospace and airports, his official website says.

At the time of his visit, the Senior General was barred from visiting the United States because of the military’s atrocities against the Rohingya ethnic minority.

Further targeted sanctions, including financial sanctions, against the Senior General, were imposed by the USA, Canada, the UK and the EU for his role in the military’s serious human rights abuses, and the recent military coup.

Read more: Rohingya: The most persecuted minority in the world

The damning revelations exposing Adani Ports’ financial transactions with the MEC have prompted calls for major investors like HSBC, Norges Bank, BlackRock, PGGP and TIAA among others, to immediately sever ties with Adani Ports.

Building on the legal analysis of the UN Human Rights Council’s International Independent Fact-Finding Mission Report in 2019, the report warns that investments in companies who partner with the MEC can help finance the activities of the Myanmar military.

Courtesy: APP