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Showing posts with label Adani Ports. Show all posts
Showing posts with label Adani Ports. Show all posts

Wednesday, May 5, 2021

Adani Ports could abandon Myanmar project if found to violate U.S. sanctions

REUTERS
Anuron MitraSudarshan Varadhan
May 4, 2021

Adani Ports and Special Economic Zone Ltd (APSE.NS) 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.

Wednesday, April 14, 2021

Adani Ports to be removed from S&P index due to business links with Myanmar military

REUTERS
ESG
Reuters Staff
APRIL 13, 2021

  MELBOURNE (Reuters) - 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.


The company, which is building a $290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC), did not immediately respond to a Reuters emailed request for comment.

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.
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