The Petroleum Fund is linked to a military-led company in Myanmar

The Petroleum Fund is linked to a military-led company in Myanmar
The Petroleum Fund is linked to a military-led company in Myanmar
It is the Indian company Adani Ports & Special Economic Zone Ltd that has allegedly paid large sums to Myanmar Economics Corporation, writes E24.

It is a report from the NGOs Australian Center for International Justice and Justice for Myanmar that shows this. In total, the Indian company is said to have paid almost NOK 450 million for land rights and land clearance fees during the construction of a container port in Yangon.

The Government Pension Fund Global (GPFG), also known as the Petroleum Fund, owns shares and fixed income securities in the Adani company for NOK 1.4 billion, according to the fund’s own overview.

Press contact Line Aaltvedt in the GPFG says they are familiar with the case.

– We clearly set expectations for the companies we are invested in, and expect companies to respect human rights, Aaltvedt explains.

It is the independent Ethics Council that assesses whether the fund’s investments are in line with ethical guidelines. So far, they have not recommended the Petroleum Fund to exclude any companies in the Adani group.

Source

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