Adani Ports to abandon Myanmar project if US classifies it as 'sanctioned country'

Business Today

BusinessToday.In
June 23, 2021

Adani Ports, which is India's largest port operator, has been facing criticism from various international investors over its plan to construct a container terminal in Yangon, Myanmar, on land leased from a Myanmar military-owned conglomerate.

Adani Group Chairman Gautam Adani

Adani Ports and Special Economic Zone Limited has said it'll abandon its project in Myanmar and write-down its investments in full if the country is classified as a sanctioned country by the US. Adani Ports' statement comes following reports that Norwegian pension fund KLP is divesting its stake in the company as its links with Myanmar military breaches the fund's responsible investment policy.

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.

China’s Top Diplomat Checks in on Myanmar Projects

THE I DIPLOMAT
By Sebastian Strangio
September 03, 2020

Yang Jiechi’s visit is a sign of the complications China faces in advancing its strategic interests in Myanmar. 

On Tuesday, Yang Jiechi, the head of the Central Foreign Affairs Commission of the Chinese Communist Party, paid a short visit to Myanmar as part of a globe-spanning tour that will also take him to Greece and Spain. Coming almost eight months after President Xi Jinping’s state visit to Myanmar in January, Yang’s stop in Naypyidaw was aimed at shoring up key areas of bilateral cooperation ahead of Myanmar’s upcoming elections on November 8, which the ruling National League for Democracy (NLD) is widely expected to win.