Adani Ports and Special Economic Zone will be removed from the Dow Jones Sustainability Indices on April 15, S&P Dow Jones Indices said in a statement.
The reason for such a decision is the alleged business links of his company with the Myanmar military responsible for the coup that overthrew Burma’s democratically-elected Aung San Suu Kyi on February 1 and the human rights abuses that followed.
“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, who are alleged to have committed serious human rights abuses under international law,” S&P Dow Jones Indices said.
Adani Ports is building a $290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC).
The project is steered by Adani Yangon International Terminal Co Ltd (Adani), a unit of Adani Ports and Special Economic Zone Ltd (APSEZ).
Reacting to the decision, APSEZ said that “the land acquisition for the project was facilitated by the Myanmar Investments Commission led by U Thaung Tun, its Chairman and Minister of Investment and Foreign Economic Relations under the guidance of State Counsellor Aung San Suu Kyi’s National League for Democracy government.”
APSEZ also said the company will engage with the relevant authorities and stakeholders to seek their advice on the way forward.
“As a responsible corporate, our intention is to create investment-friendly opportunities in Myanmar through trade and commerce which will have a multiplier effect on job creation for the local communities and contribute towards the nation’s economic and social development goals,” it said.
The firm also said that it condemns violations of the fundamental rights of all people and would continue to work with its partners and stakeholders, including business leaders, government and non-government organisations, to foster a business environment that respects human rights.
“We are also working with independent think tanks to ensure mitigation of human rights violations risks and building equal opportunity platform through sustainable value creations powered by critical port infrastructure,” it said.