New research finds that nine international banks hold shares worth over US$24 billion across 18 companies affiliated with the military junta and its conglomerates in Myanmar. These companies have either direct and longstanding commercial ties to Myanmar’s military, or to state entities that the military now controls as a result of the February 1, 2021 coup. It includes Bharat Electronics Inc, a company that supplies defence equipment to the Myanmar military; POSCO, one of the Myanmar military’s closest international business partners; and eight oil and gas companies including Chevron, Shell and Total.
BankTrack and Justice For Myanmar, the publishers of this research, are calling on international banks and all other institutional investors to immediately divest from companies with longstanding, direct ties to the military and its conglomerates, and to demand that other companies halt all payments to military-controlled entities immediately.
Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, JPMorgan Chase, UBS, Credit Suisse, Morgan Stanley, Bank of America, Wells Fargo and BNP Paribas among the top banks investing in companies linked to the Myanmar military junta, according to reseach from BankTrack.