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25 Feb 2022

Myanmar: Letter sent to 125 investors holding shares in ENEOS Corp., Sumitomo Corp., Marubeni Corp., and Mitsubishi Corp. with continuing business in Myanmar to stop funding junta; incl. co. responses & non-response

On 18 January 2022, six CSOs including Mekong Watch, Friends of the Earth Japan, Justice For Myanmar, ayus: Network of Buddhists Volunteers on International Cooperation, Japan International Volunteer Center, Network Against Japan Arms Trade sent an letter to 125 investors holding shares in ENEOS Corporation, Sumitomo Corporation, Marubeni Corporation, and Mitsubishi Corporation. CSOs say that these four Japanese companies are financing Myanmar military junta through continuing their investment in problematic projects. The projects in question include Thilawa Special Economic Zone (SEZ) Development Project, Yetagun Gas Project, Landmark Project (Yoma Central Project); and Thilawa Area Port Terminal Operation Project.

The letter requests all holders of shares in the Japanese companies involved in the four projects to promptly engage with their investees and to urge the companies to take measures to ensure that their business activities do not benefit the Myanmar military. The letter further asks the corporate investors to consider divestment if the companies do not take sufficient measures.

125 investors include leading companies such as SMBC Group, Mitsubishi UFJ Financial, Mizuho Financial, BlackRock, and Allianz.

Business & Human Rights Resource Centre sent invitations for ENEOS Corporation, Sumitomo Corporation, Marubeni Corporation, and Mitsubishi Corporation to respond to the alleged matter. Responses by Sumitomo Corporation, Marubeni Corporation, and Mitsubishi Corporation are provided below. ENEOS Corporation did not respond.

Company Responses

ENEOS

No Response

Marubeni View Response
Sumitomo Corporation (part of Sumitomo Group) View Response
Mitsubishi Corporation (part of Mitsubishi Group) View Response

Timeline