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.