Xklude Controversial Report for ADANI PORTS (XNSE:ADANIPORTS) shows significant drop in ESG media momentum the last month due controversies regarding financial connection with Myanmar military-controlled firms. The Adani Group is paying $30 million to the Myanmar Economic Corporation in “land lease fees”, according to leaked documents from the Yangon Region Investment Commission accessed by ABC News.
Adani is developing a port in Yangon through a lease deal with military conglomerate Myanmar Economic Corporation (MEC), according to a 2019 United Nations report.
The report urged foreign firms to cut business with the military due to human rights abuses. An Adani spokesman declined to comment on the allegations that the land is leased from MEC.
Among other things activist groups have called for S&P Global’s Dow Jones Sustainability Index to reconsider its inclusion of Adani Ports, pointing to the company’s links with the Myanmar military and also its role in developing the Carmichael coal mine.
Among the major Institutional Investors in Adani, Xklude has identified the following; Norges Bank Investment Management, AP Pension, P+, Sjunde AP-fonden (AP7), Lægernes Pension, BpfBOUW, PMT, PME pensioenfonds, Andra AP-fonden (AP2), ABP, PFZW.
ESG Momentum Adani Ports
News Coverage Negative Impact
Fundamental Controversial Risk
Xklude Controversial Report for ADANI PORTS (XNSE:ADANIPORTS) shows fundamental controversial risk concerning “Environmental Issues” and “Business Model.”