Burma’s Resource Wealth: Transparent As Oil?
Author: Hanna Hindstrom of Democratic Voice of Burma in Eurasia Review , Published on: 19 March 2012
Burma ranks third from last on Transparency International’s Corruption Perceptions Index…with land-grabbing and human rights abuses continuing unabated. Earlier this month, nine activists were arrested…for participating in a global day of action against the Shwe pipeline project, which…has already led to the confiscation of thousands of acres of land without compensation. Campaigners say revenue transparency is key to boosting pressure on the…government, and steps have been taken in this direction. The European Union (EU) recently approved new legislation that would require European listed…extractive companies to disclose all payments made to foreign governments for natural resource projects. It follows…the 2010 Dodd-Frank Act in the United States…The new legislation would force companies like Total and Chevron to divulge their exact contributions for the controversial Yadana and Yetagun projects…It is also expected to “shame” other companies into ethical practices, deter investors from backing them and set a global standard for transparency legislation…[refers to China National Offshore Oil Company, KOGAS, Daewoo Intl. (part of Posco), China National Petroleum Corporation]