US firm indicated risk from group ties with military
S&P Dow Jones Indis said on Tuesday that it was dropping Adani Ports and Special Economic Zone Limited (APSEZ) from the Dow Jones Sustainability Indics, citing the Indian company’s relationship with Myanmar’s military.
Saying that APSEZ will be removed from the indices before it comes to market on April 15, the S&P Dow Jones Indies observed that recent news events were triggered by “media and stakeholder analysis,” which has led to its business relationship with the company. Had pointed to increased risks. ” Myanmar military, which has been accused of serious human rights violations under international law.
The Myanmar military has been accused of widespread human rights violations following the coup and slapped with sanctions by the United States.
The group, led by billionaire Gautam Adani, is building a port in Yangon on land leased from the military-controlled Myanmar Economic Corporation (MEC), one of the entities approved by the US
Last month, the Adani Group said it would consult with all stakeholders and officials of the project after allegations by human rights groups that the ports unit had reached an agreement to pay MEC millions of dollars in fares.
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