Myanmar: Adani Group sells port project following allegations that revenues flow to companies affiliated with the military
"ESG investors push international firms to rethink Myanmar projects", 31 May 2023
Pressure from investors concerned about environmental, social and corporate governance (ESG) issues, coupled with U.S. and European Union sanctions, is encouraging international companies to pull their cash out of Myanmar.
Indian conglomerate Adani Group announced the sale of a port project underway in Myanmar for just $30 million after critics said money from the project had been diverted to companies affiliated with Myanmar's military, which ousted the country's elected government in February 2021.
The project, undertaken by Adani Ports and Special Economic Zone, an Adani Group company, entails building a container terminal in Yangon, the country's commercial capital.