S&P to eject Adani Ports from index for Burma military ties

15-Apr-2021 Intellasia | Aljazeera | 5:02 AM Print This Post

S&P Dow Jones Indices says 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 $290m port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC), did not immediately respond to an emailed request for comment by the Reuters news agency.

S&P Dow Jones Indices says 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 $290m port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC), did not immediately respond to an emailed request for comment by the Reuters news agency.

“This shows that there are commercial consequences for Adani Ports and other businesses that continue to disregard their human rights responsibilities by financing the Myanmar military,” said Yadanar Maung, a representative for activist group Justice For Myanmar.

Shares in Adani Ports were down 1 percent in early Tuesday trade. Its shares have in general been little affected by the Myanmar issue, having climbed some 40 percent since February 1.

Bid won

Adani Ports and SEZ Ltd in 2020 won a bid to build and operate Yangon International Terminal, which it said is an independent project fully owned and developed by the company.

The Australian Centre for International Justice and Justice for Myanmar last month released a report citing documents purporting to show that an Adani unit will pay up to $30m in land lease fees for the project to the MEC, one of two military-controlled conglomerates sanctioned by the US last month.

https://www.aljazeera.com/economy/2021/4/13/sp-index-to-remove-adani-ports-on-its-ties-with-myanmar-army

 

Category: Regional

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