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20 Jun 2022

Myanmar: Eight CSOs send letter to 101 investors, urging engagement with Tokyo Tatemono and Daiwa House Industry for their alleged involvement in Y Complex project in Myanmar; incl. co. responses

On 24 May 2022, eight CSOs including Mekong Watch, Friends of the Earth Japan, Justice For Myanmar, Network Against Japan Arms Trade (NAJAT), ayus:Network of Buddhists Volunteers on International Cooperation, Japan International Volunteer Center (JVC), Pacific Asia Resource Center (PARC) and Human Rights Now sent a letter to 101 major investors holding shares in Japanese companies Tokyo Tatemono or Daiwa House Industry. The CSOs have claimed that both Tokyo Tatemono and Daiwa House Industry might be complicit in grave human rights violations carried out by the Myanmar military through land lease payments concerning a real estate development project in central Yangon, namely the Y Complex project. The payments allegedly become a source of funding for the Myanmar military.

In the letter, the CSOs call the investors for engagement with the two companies to "urge them to take measures to ensure that their business activities do not benefit the Myanmar military." The letter further suggests the divestment in case the two companies fail to take sufficient measures.

Allianz, Blackrock, HSBC, Mitsubishi UFJ Financial and Nippon Life Insurance are among the 101 investors.

Business and Human Rights Resource Centre asked Tokyo Tatemono and Daiwa House Industry to respond to the alleged matter. Both responses are provided below.