Adani Ports removed from S&P Dow Jones Index over Myanmar military links
In a short announcement, the S&P Dow Jones Indices said: "Adani Ports and Special Economic Zone will be removed from Dow Jones Sustainability Indices after a media and stakeholder analysis of recent reports pointing to heightened risks to the company regarding their commercial relationship with Myanmar's military, who have allegedly committed serious human rights abuses under international law."
FollowS&P Dow Jones Indices has removed Adani Ports and Special Economic Zone Ltd from its sustainability index after reports emerged of the company's business links with the Myanmar military.
In a short announcement, the S&P Dow Jones Indices said: "Adani Ports and Special Economic Zone will be removed from Dow Jones Sustainability Indices after a media and stakeholder analysis of recent reports pointing to heightened risks to the company regarding their commercial relationship with Myanmar's military, who have allegedly committed serious human rights abuses under international law."
The Sustainability Indices change will be effective before the open on Thursday, April 15, 2021.
The decision's impact was felt back home at Dalal Street, where shares of the company dipped by 4.6% (at 12:20 pm) at the Bombay Stock Exchange.
Adani Group is yet to react to the S&P Dow Jones Indices decision.
In March, media reports had surfaced claiming that the company had paid $30 million (over Rs 225 crore) to the Myanmar Economic Corporation in land lease fees.Â
According to leaked Yangon Region Investment Commission documents accessed by ABC News, the amount was paid by India's largest private multi-port operator for building a port in Yangon on land leased from the military-backed Myanmar Economic Corporation.
Further, ABC news also accessed July 2019 footage that showed Adani Ports chief executive Karan Adani meeting Senior General Min Aung Hlaing, who had been under US sanction for committing atrocities on Rohingya Muslims and who was among those who plotted the coup against the elected government.
Clarifying its position then, the Adani Group said: "In 2019, the Indian government hosted Myanmar general Min Aung Hlaing. Mundra Port was one location out of the multiple sites on this visit. The General's visit at Mundra Port was hosted by officials from the Government of India and facilitated by Adani Ports and Special Economic Zones Ltd (APSEZ)."Â
"Adani executives with many other attendees were present at the Indian Government-hosted visit. Mementoes were exchanged as a cultural courtesy, which is a customary practice. No gifts were exchanged between APSEZ executives and Myanmar general Min Aung Hlaing on his visit in 2019," the group had claimed on March 31.
