S&P Dow Jones Indices to remove Adani Ports from sustainability index

S&P Dow Jones Indices to remove Adani Ports from sustainability index

S&P Dow Jones on Tuesday said it will remove Adani Ports and Special Economic Zone from its feasibility index following reports of its business ties with Myanmar’s military. That has been accusing of human rights violations after a coup.

The Adani Group firm is building a USD 290 million port in Yangon. In a statement, S&P Dow Jons Indices said: “Adani Ports and Special Economic Zone will be removed from the Dow Jones Sustainability Indices following a media. And stakeholder analysis triggered by recent news events pointing to heightened risks to the company. Regarding their commercial relationship with Myanmar’s military.

Moreover, on March 31st, billionaire Gautam Adani’s port-to-energy conglomerate. While it won the Yangon International Terminal project in Myanmar last year through a global competitive bid. As it sought to clarify allegations of having paid USD 30 million to a Myanmar military-controlling firm for the deal.

On the other side, the land acquisition for developing a port in the main city of Yangon. While it is facilitating by the agency under Aung San Suu Kyi’s government, Adani Group had said.

ABC News;

Resolve on ABC News report on USD 30 million paid to the Myanmar Economic Corporation in “land lease fees”. The group had said APSEZ won the Yangon international terminal project through a global competitive bid. The project, fully owned and developed by APSEZ is an independent container terminal with no joint venture partners.

ABC News reported that APSEZ chief executive Karan Adani had on July 2019 met Senior General Min Aung Hlaing, the army chief who led the coup against the elected government.

The land acquisition;

The land asset for the project is facilitating by “the Myanmar Investment Commission led by Thaung Tun, its chairman and Minister of Investment and Foreign Economic Relations. Under the guidance of Her Excellency President Aung San Suu Kyi’s National League for Democracy government, Adani group said.

Meanwhile, without making any direct reference to the payment allegations, the group went on to state that it is like other global peers. Watching the situation in Myanmar carefully and will engage with the relevant authorities. And stakeholders to seek their advice on the way forward.

Adani Group had gone on to condemn the violation of fundamental rights of all people. And said it will continue to work with partners and stakeholders, including business leaders.

Government and non-government organizations, to foster a business environment that respects human rights. We are also working with independent think tanks to ensure the reduction of human rights violations risk. While building an equal opportunity platform through sustainable value creations powered by critical port infrastructure added.

The post S&P Dow Jones Indices to remove Adani Ports from sustainability index appeared first on Stock Investor.

Original Article

Published
Categorized as Stock