- The Australian Centre of International Justice (ACIJ) and activist group Justice for Myanmar (JFM) have called on India's stock exchanges to take regulatory action against
Adani Ports , led by Indian billionaireGautam Adani . - According to them, the company is ‘factually misleading’ stakeholders by failing to disclose its association with the Myanmar military.
- Meanwhile, Adani Ports saw its share price skyrocket by nearly 5% on the National Stock Exchange (NSE) as well as the Bombay Stock Exchange (BSE).
The Australian Centre of International Justice ($4) and activist group Justice for Myanmar (JFM) have called on the India’s stock exchanges to take regulatory action against his company, Adani Ports, for failing to disclose ties with the military junta.
Meanwhile, Adani Ports’ — the largest private port operator in India — shares rallied by 4.43% on the National Stock Exchange (NSE) and 4.77% on the Bombay Stock Exchange (BSE) on April 1.
Gautam Adani, the chairman and managing director of the Adani Group, has seen his $4. His net worth has grown more than even Amazon’s Jeff Bezos or Tesla’s Elon Musk this year.
The civil rights organisation claims that the statement released by $4 on March 31 is ‘factually misleading’. The issue centres around how the company is linked to the Myanmar Economic Corporation (MEC).
“Adani Ports’ direct business with MEC exposes shareholders to major international law, corruption and reputational risks,” wrote ACIJ in its press release on April 1.
Business Insider India has reached out to Adani Ports for a comment on the issue but is yet to receive a response.
The MEC is controlled by Myanmar’s armed forces that have been accused by the United Nations (UN) of committing genocide and crimes against humanity.
$4 have been killed in the Myanmar military’s brutal crackdown on protests against its coup to oust civilian leader Aung San Suu Kyi.
Moreover, the US hit the MEC with sanctions $4 citing that the MEC is ‘a vital financial lifeline for the military junta’.
According to the $4, documents show that Adani Ports will pay up to $30 million in land lease fees for the project to the MEC. Moreover, documents filed with Myanmar’s corporate regulator show Adani bringing in $141 million ‘capital in cash and $148 million ‘capital in kind’ for the project as per $4’s investigation.
However, Adani Ports’ maintains that the facts are being misrepresented.
As early as August 2018, the UN Human Rights Council (UNHRC) $4 to foreign corporations not to do business with the MEC.
However, 10 months later, on 23 May 2019, Adani Ports entered into a ‘build, operate, transfer’ (BOT) agreement with the entity as per ACIJ’s report. The deal entails Adani Ports’ Myanmar subsidiary — the Adani Yangon International Terminal Company — constructing a container port in Yangon on MEC’s military-owned land.
Come September 2019, a report by UNHRC listed out the corporations involved in operations with the MEC. Many began to review their business operations and disengaged from ongoing projects. Meanwhile, Adani Ports remained silent.
But, as pressure built up, Adani Ports $4 engaging with Myanmar’s military leadership in order to facilitate its project in the country in February earlier this year. However, $4 sourced by ABC Australia earlier this week contradicts those claims.
Adani Ports claims that the visit was a ‘cultural courtesy’ and a ‘customary practice’. “Much like our global peers, we are watching the situation in Myanmar carefully and will engage with the relevant authorities and stakeholders to seek their advice on the way forward,” said the company's spokesperson in a $4 on March 31.
Adani’s port projects in $4 and $4 have also received criticism from activist groups, politicians and locals over environmental concerns.
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