Adani Ports removed from Dow Jones over links with Myanmar military

15 Apr 2021 CW Staff

According to a report, Adani Group paid over Rs 225 crore to the Myanmar Economic Corporation in land lease fees. The amount was paid by India's largest private multi-port operator for building a port in Yangon on land leased from the Myanmar Economic Corporation, which is backed by the country's military.

APSEZ will be removed from the Dow Jones index prior to the market opening on April 15. The removal announcement from the New York stock exchange hit Adani Port's shares, as on Tuesday, its share price dipped 4.25% compared to its opening share price on Monday.

In a statement in February, Adani Group had claimed that it had not engaged with the Myanmar military for approval of the port. However, videos and photos accessed by US-based media sources had revealed in March that Adani Ports Chief Executive Karan Adani in July 2019, met Senior General Min Aung Hlaing, the army chief who led the coup against the elected government. According to the media, a 2019 United Nations report had also named Adani Ports as one of the companies who have engaged with the military conglomerate.

On March 25, the US had imposed sanctions on the Myanmar Economic Corporation along with Myanmar Economic Holdings Public Company Ltd, according to a statement on the Treasury Department's website. The move by the US freezes any assets held by the entities in the US and targets the business interests of Myanmar's military.

Earlier this month, the Australian Centre of International Justice (ACIJ) and activist group Justice for Myanmar (JFM) had also called on India's National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) to take cognisance of the allegations. The civil liberties organisations' stated that Adani Ports was factually misleading its stakeholder, but no action has been taken so far.

The military coup in Myanmar followed the National League for Democracy and Aung Suu Kyi's landslide victory in the national elections in November 2020, with the military-backed Union Solidarity and Development Party faring badly in its key strongholds.

The country's military refused to accept the government, citing unsubstantiated allegations of fraud. It was also announced that the coup resulted from the government's failure to delay the November 2020 election despite the outbreak of the coronavirus.

Image Source

Also read: Military coup, US sanctions stymie Myanmar business ops

Also read: Adani Ports crosses Rs.1 trillion mark in market cap post bond issue

New York Stock Exchange’s (NYSE) S&P Dow Jones Indices has removed Adani Ports and Special Economic Zone Ltd (APSEZ) from its sustainability index, citing the company's business ties with the Myanmar military, which has been accused of human rights violations since the February 2021 coup. According to a report, Adani Group paid over Rs 225 crore to the Myanmar Economic Corporation in land lease fees. The amount was paid by India's largest private multi-port operator for building a port in Yangon on land leased from the Myanmar Economic Corporation, which is backed by the country's military. APSEZ will be removed from the Dow Jones index prior to the market opening on April 15. The removal announcement from the New York stock exchange hit Adani Port's shares, as on Tuesday, its share price dipped 4.25% compared to its opening share price on Monday. In a statement in February, Adani Group had claimed that it had not engaged with the Myanmar military for approval of the port. However, videos and photos accessed by US-based media sources had revealed in March that Adani Ports Chief Executive Karan Adani in July 2019, met Senior General Min Aung Hlaing, the army chief who led the coup against the elected government. According to the media, a 2019 United Nations report had also named Adani Ports as one of the companies who have engaged with the military conglomerate. On March 25, the US had imposed sanctions on the Myanmar Economic Corporation along with Myanmar Economic Holdings Public Company Ltd, according to a statement on the Treasury Department's website. The move by the US freezes any assets held by the entities in the US and targets the business interests of Myanmar's military. Earlier this month, the Australian Centre of International Justice (ACIJ) and activist group Justice for Myanmar (JFM) had also called on India's National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) to take cognisance of the allegations. The civil liberties organisations' stated that Adani Ports was factually misleading its stakeholder, but no action has been taken so far. The military coup in Myanmar followed the National League for Democracy and Aung Suu Kyi's landslide victory in the national elections in November 2020, with the military-backed Union Solidarity and Development Party faring badly in its key strongholds. The country's military refused to accept the government, citing unsubstantiated allegations of fraud. It was also announced that the coup resulted from the government's failure to delay the November 2020 election despite the outbreak of the coronavirus. Image Source Also read: Military coup, US sanctions stymie Myanmar business ops Also read: Adani Ports crosses Rs.1 trillion mark in market cap post bond issue

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