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Cut the Cash

The Special Advisory Council for Myanmar is calling for a global three cuts strategy against the Myanmar military junta: cut the weapons, cut the cash and cut the impunity.

Over decades of military dictatorship, the Myanmar military, the Tatmadaw, has established itself at the center of Myanmar’s economic life by creating a complex web of commercial interests composed of military-linked companies and subsidiaries, relationships with State-owned enterprises, and private crony companies to secure financial resources to support its activities and personnel while escaping any external oversight or accountability. The wealth generated through this system contributed not only to enriching the Tatmadaw’s leadership but also enabled the Tatmadaw to carry out gross human rights violations across the country. In its report on “The economic interests of the Myanmar military” (A/HRC/42/CRP.3), the Independent International Fact-Finding Mission on Myanmar (IIFFM) clearly indicated that “[f]oreign companies with joint ventures and other commercial relationships with the Tatmadaw, Myanmar business donors to the Tatmadaw’s operations, and arms suppliers are in some cases legally implicated in the conduct of the Tatmadaw, and in all cases complicit through their tacit acceptance and approval of the Tatmadaw’s actions”.

Findings, conclusions, and recommendations of the report remain extremely pertinent to the current situation in Myanmar. The IIFMM stressed the need for two parallel approaches to effectively address the situation, halt human rights violations, and hold perpetrators accountable. These approaches require the economic isolation of and disengagement from Tatmadaw associated companies as well as the promotion of economic ties and engagement with non-Tatmadaw companies and businesses in Myanmar. In particular, the IIFMM emphasized the need to cease any business activity with the Myanmar Economic Holding Limited (MEHL) and Myanmar Economic Corporation (MEC), two Tatmadaw-owned conglomerates generating significant incomes for them. MEHL and MEC own at least 106 businesses and are affiliated to another 27 companies through corporate structures.

The report provides a background of MEHL and MEC which is reported here for reference:

50. Myanmar Economic Holding Limited (MEHL), formerly known as the Union of Myanmar Economic Holding Limited (UMEHL), was the first private company established in Myanmar following the 1988 military coup, during the rule of the military junta, first known as the State Law and Order Restoration Council (SLORC) and later the State Peace and Development Council (SPDC). MEHL has at least four declared objectives: the welfare of military personnel and their dependents, the welfare of war veterans and their dependents, the welfare of the general public, and contributing to the economic development of Myanmar. Since its establishment, MEHL has also served to secure control and generate profit for the Tatmadaw and its senior leadership. Today, MEHL is a holding company with businesses in various industries, including gem production, banking, tourism and transport. MEHL owns the Myawaddy Bank.
51. Myanmar Economic Corporation (MEC) was established in 1997, with the declared objectives of contributing to Myanmar’s economy, fulfilling the needs of the Tatmadaw, reducing defence spending and ensuring the welfare of military personnel. Today, MEC is a holding company with businesses in the mining, manufacturing, and telecommunications sectors, as well as companies that supply natural resources to the Tatmadaw, and operate factories producing goods for use by the Tatmadaw. MEC owns the Innwa Bank.

Another critical and problematic aspect of the economic life of Myanmar is represented by the State-owned economic enterprises which operate in the natural resources extraction sector and are led by military or former military officials. These State-owned economic enterprises are Myanmar Oil and Gas Enterprise, Myanmar Pearl Enterprise, Myanmar Gems Enterprise, No. 1 Mining Enterprise, No. 2 Mining Enterprise, and Myanmar Timber Enterprise. In May 2019, the United Nations Special Rapporteur on the situation of human rights in Myanmar, Professor Yanghee Lee, reported (A/HRC/40/68) that these enterprises oversee regulation of their respective sectors, collect and allocate revenues, award licenses to private companies and operate commercial joint ventures without any external oversight. The existing legal framework authorizes them to retain vast profits outside the State budget with a complete lack of accountability on how these funds are used. These economic structures, in addition to preventing the sustainable development and the realization of economic and social rights of all people of Myanmar, sustain the power and influence of the Tatmadaw which continues to obstruct democracy and commit egregious crimes with impunity, the Special Rapporteur concluded. Since launching the coup in February 2021, the Tatmadaw has seized full control of these State-owned economic enterprises. Consequently, the IIFFM recommendation for disengagement from military business necessarily extends now to all State-owned economic enterprises.

On these premises and in order to complement the highly reliable advocacy work carried out by Justice for Myanmar aimed at identifying business entities linked to the Tatmadaw and its conglomerates, SAC-M produced this record of actions by States, business enterprises, investment funds, and international intergovernmental organizations following the coup attempt of 1st February by the Tatmadaw as an advocacy tool to pressure States to impose targeted and effective sanctions and business entities to cease engagement with Tatmadaw-owned or affiliated companies. This record is intended as a living document that SAC-M will continue to maintain and update as necessary. SAC-M encourages business enterprises, including those that may not be mentioned in this record, to share information on any relevant action undertaken with regard to their economic activities in Myanmar.


A number of States have, individually or collectively, either imposed sanctions on individuals responsible for the coup and the ensuing violations as well as on individuals who have supported and enabled the junta to carry out their crimes; or on business entities under the direct control of the Tatmadaw or otherwise financially contributing to the current regime.

This table lists in chronological order the actions that Stats have adopted in response to the staging of the coup by the Tatmadaw and the acts of violence carried out against peaceful protesters.

11 February 2021United States of AmericaSanctions against 10 current and former military officials and military-owned companies. individuals sanctioned are:

Commander-in-Chief Min Aung Hlaing;
Deputy Commander-in-Chief Soe Win;
First Vice President and retired Lieutenant General Myint Swe;
Lieutenant General Sein Win;
Lieutenant General Soe Htut;
Lieutenant General Ye Aung;
General Mya Tun Oo as he was appointed Minister of Defense;
Admiral Tin Aung San as he was appointed as the junta's Minister for Transport and Communications;
Lieutenant General Ye Win Oo as he was appointed as the Joint Secretary of the junta's SAC;
and Lieutenant General Aung Lin Dwe as he was appointed Secretary of the junta's SAC.

The business entities sanctioned are:

Myanmar Ruby Enterprise;
Myanmar Imperial Jade Co., LTD.;
and Cancri (Gems and Jewellery) Co., LTD.
9 February 2021New ZealandSuspension of all high-level political and military contact and travel ban on military officers. Zealand's Foreign Minister announced that New Zealand does not recognize the junta as a legitimate entity and therefore the decision was to cut off all political and military contacts.

The individuals sanctioned are:

Senior General Min Aung Hlaing;
Vice-Senior General Soe Win;
Lieutenant General Myint Swe;
Lieutenant General Soe Htut;
and Lieutenant General Mya Tun Oo.
18 February 2021United KingdomSanctions against three military officials. individuals sanctioned are:

Junta's Minister of Defence, General Mya Tun Oo; Minister for Home Affairs, Lieutenant General Soe Htut;
Deputy Minister for Home Affairs;
and Lieutenant General Than Hlaing.
18 February 2021CanadaSanctions against nine military officials. individuals sanctioned are:

Min Aung Hlaing;
Soe Win;
Sein Win;
Soe Htut;
Ye Aung; Mya Tun Oo;
Tin Aung San;
Aung Lin Dwe;
and Ye Win Oo.

Sanctions apply under the Special Economic Measures (Burma) Regulations (
22 February 2021United States of AmericaSanctions against two individuals connected to the military apparatus responsible for the coup in Burma. individuals sanctioned are:

Lieutenant General Moe Myint Tun;
and General Maung Maung Kyaw
4 March 2021United States of AmericaRestrictions on exports and reexports to Burma, and transfers (in-country) within Burma and on four entities. The Commerce Department’s Bureau of Industry and Security (BIS) removes Burma from Country Group B and places it in Country Group D:1. entities targeted are:

Ministry of Defence;
Ministry of Home Affairs;
the Myanmar Economic Corporation (MEC),
and the Myanmar Economic Holding Limited (MEHL).

The placement on Country Group D:1 results in a more restrictive review of license applications for exports and reexports involving items subject to the EAR to any end user in Burma. It further renders end users in Burma ineligible for or subject to further restriction with regard to use of certain license exceptions for exports, reexports, and transfers (in-country).
7 March 2021AustraliaSuspension of bilateral Defence Cooperation Program and redirection of funds from the development program to humanitarian needs. suspended the bilateral military cooperation program, which was restricted to non-combat areas such as English language training, and reallocated funds to respond to immediate humanitarian needs through exclusive partnership with civil society organizations not affiliated to the junta.
10 March 2021United States of AmericaSanctions against family members of the Commander-in-Chief of the Myanmar Army and six companies. individuals sanctioned are:

Aung Pyae Sone;
Khin Thiri Thet Mon.

The companies sanctioned are:

A & M Mahar Company Limited;
Sky One Construction Company Limited; The Yangon Restaurant;
The Yangon Gallery;
Everfit Company Limited;
Seventh Sense Company Limited.
15 March 2021JapanThe Japan Aerospace Exploration Agency (JAXA) decided to postpone the deployment of Myanmar’s first satellite.
The satellite, which is a joint project of the Japan’s Hokkaido University and the Myanmar’s government-funded Myanmar Aerospace Engineering University (MAEU), was sent to the International Space Station on 20 February but its further deployment has been suspended reportedly after discussion between the Hokkaido University and JAXA. Human rights concerns relate to the possibility of misuse of cameras installed on the satellite to crackdown on protesters.
22 March 2021United States of AmericaSanctions against two individuals and two entities connected to the Burmese military. individuals sanctioned are:

Chief of the Burma Police Force and junta's Deputy Home Affairs Minister Than Hlaing;
and Lieutenant General Aung Soe.

The entities targeted are:

the 33rd Light Infantry Division of the Burmese Army (33 LID);
and the 77th Light Infantry Division of the Burmese Army (77 LID)
25 March 2021United States of AmericaSanctions against two military companies. business entities sanctioned are:

Myanma Economic Holdings Public Company Limited (MEHL);
and Myanmar Economic Corporation Limited (MEC).

All property and interests in property of the entities named above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). In addition, any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked persons are also blocked.
25 March 2021United KingdomSanction against military-owned entity. business entity sanctioned is:

Myanmar Economic Holdings Ltd (MEHL)
31 March 2021JapanSuspend provision of new aid. Foreign Minister informed the parliament of the stance of the Japanese Government. No official statement in English is available.
1 April 2021United KingdomSanction against military-owned entity. business entity sanctioned is:

Military-linked conglomerate Myanmar Economic Corporation (MEC).
8 April 2021United States of AmericaSanctions against a state-owned entity that is responsible for all gemstone activities in Myanmar. business entity sanctioned is:

Myanmar Gems Enterprise.
16 April 2021South KoreaSuspension of financing of new infrastructure projects. official statement is available in English. The article indicates that the Ministry's officials spoke on condition of anonymity. Reportedly, the decision is to halt financing infrastructure projects through the Korea Economic Development Cooperation Fund.
19 April 2021European UnionSanctions against 11 individuals and two military-controlled companies.
The individuals sanctioned are:

Commander-in-Chief Min Aung Hlaing; Lieutenant General Myint Swe;
junta's SAC Vice-Chairman and member of the National Defence and Security Council (NDSC) Soe Win;
Lieutenant-general Sein Win;
Chairman of the junta-appointed Union Election Commission Thein Soe;
General Mya Tun Oo;
Lieutenant General Dwe Aung Lin; Lieutenant General Ye Win Oo;
General Maung Maung Kyaw;
Lieutenant General Moe Myint Tun;
and Lieutenant General Than Hlaing.

The business entities targeted are:

Myanmar Economic Holdings Public Company Limited (MEHL);
and Myanmar Economic Corporation Limited (MEC).
21 April 2021United States of AmericaSanctions against two state-owned enterprises. business entities targeted are:

Myanma Timber Enterprise (MTE);
and Myanmar Pearl Enterprise (MPE).
They are responsible for timber and pearl exports.
29 April 2021United KingdomUK extends renewed Myanmar sanctions to the Overseas Territories, the Regulations replace and revoke the Burma (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/136)Individuals:

Aung Aung;
Kyaw Chay;
Aung Lin Dwe;
Khin Hlaing;
Min Aung Hlaing;
Than Hlaing;
Soe Htut;
Ba Kyaw;
Maung Maung Kyaw;
Thura San Lwin;
Tun Naing;
Than Oo;
Thant Zin Oo;
Mya Tun Oo;
Ye Win Oo;
Tin Aung San;
Maung Maung Soe;
Khin Maung Soe;
Nyi Nyi Swe;
Aung Myo Thu;
Moe Mying Tun;
Thant Zaw Win;
and Aung Kyaw Zaw.
17 May 2021United States of AmericaSanctions against 16 individuals and one entity. individuals targeted are:

Mahn Nyein Maung junta's SAC member;
Thein Nyunt junta's SAC member;
Sai Lone Saing junta's SAC member; and
Khin Maung Swe junta's SAC member;
Ko Ko Hlaing, junta's Minister of International Cooperation;
Tun Aung Myint, junta's Minister for Ethnic Affairs;
Tun Tun Naung, junta's Minister of Border Affairs;
Than Nyein, junta-appointed governor of the Central Bank of Burma;
Pwint San, junta's Minister of Commerce;
Win Shein, junta's Minister for Planning, Finance, and Industry;
Thein Soe, chairman of the junta-appointed Union Election Commission;
Thet Khaing Win, junta's Minister of Health and Sports; Khin Maung Yi, junta's Minister of Natural Resources and Environmental Conservation;
Hein Htet is the adult child of junta's SAC member General Maung Maung Kyaw;
Kaung Htet is an adult child of General Maung Maung Kyaw;
and Yin Min Thu is the adult child of junta's SAC member Admiral Tin Aung San

The entity targeted is:

State Administrative Council (SAC), designated for being a political subdivision, agency, or instrumentality of the Government of Burma.
17 May 2021United KingdomSanctions against Myanmar Gems Enterprise. business entities targeted are:

Myanmar Gems Enterprise, a State-owned enterprise which oversees all gemstone activities in Myanmar.
17 May 2021CanadaSanctions against 16 individuals and ten entities.
The individuals targeted are:

Maung Maung Kyaw;
Moe Myint Tun;
Than Hlaing;
Thein Soe;
Chit Naing;
Mahn Nyein Maung (also known as, among other names, P’doh [Phado] Man Nyein Maung);
Thein Nyunt;
Khin Maung Swe;
Aye Nu Sein;
Jeng Phang Naw Taung (also known as, among other names, Jeng Phang Naw Htaung);
Moung Har (also known as, among other names, Maung Har and Maung Ha);
Sai Lone Hsaing (also known as, among other names, Sai Lone Saing and Sai Long Hseng);
Saw Daniel;
Banya Aung Moe;
Aung Pyae Sone;
Khin Thiri Thet Mon;

The business entities targeted are:

A & M Mahar Company Limited;
Sky One Construction Company Limited;
The Yangon Restaurant;
The Yangon Gallery;
Everfit Company Limited;
Seventh Sense Company Limited;
Cancri (Gems and Jewellery) Company Limited (also known as, among other names, Phu Sha Star);
Myanma Gems Enterprise (MGE) (also known as, among other names, Myanmar Gems Enterprise);
Myanma Timber Enterprise (MTE) (also known as, among other names, Myanmar Timber Enterprise);
Myanma Pearl Enterprise (MPE) (also known as, among other names, Myanmar Pearl Enterprise).
21 June 2021European UnionSanctions against eight individuals, three economic entities and the Myanmar War Veterans Organisation.The individuals sanctioned are:

Lieutenant General Soe;
Lieutenant General Tun Tun Naung;
junta's Minister for Planning, Finance, and Industry Win Shein;
Colonel Khin Maung Yi;
Admiral Tin Aung San;
junta's Attorney-General Thida Oo;
Major General Aung Lin Tun;
and Brigadier-General Zaw Min Tun.

The economic entities are:

Myanmar Gems Enterprise (MGE);
Myanmar Timber Enterprise (MTE);
Forest Products Joint Venture Corporation Limited (FPJVC).

Myanmar War Veterans Organization (MWVO) is an organization established to provide support to former members of the Tatmadaw.
21 June 2021United KingdomSanctions against two economic entities and junta State Administration Council (SAC).The economic entities are:

Myanmar Timber Enterprise (MTE);
and Myanmar Pearl Enterprise (MPE).
2 July 2021United States of AmericaSanctions against 7 senior military officials and 15 family members connected to the military junta.The military officials sanctioned are:

Saw Daniel;
Banyar Aung Moe;
Aye Nu Sein;
Chit Naing;
Aung Naing Oo;
Myint Kyaing;
Thet Thet Khine.

The spouse or adult child of a person whose property and interests in property are blocked:

The senior officials sanctioned are:

Saw Daniel;
Banyar Aung Moe;
Aye Nu Sein;
Chit Naing;
Aung Naing Oo;
Myint Kyaing;
Thet Thet Khine.

Spouse or adult child of a person whose property and interests in property are blocked:

Kyu Kyu Hla;
Than Than Nwe;
Thet Thet Aung;
Than Than Aye;
Aung Mar Myint;
Khaing Pa Pa Chit;
Moe Htet Htet Tun;
Khaing Moe Myint;
Yadanar Moe; Myint;
Daw Nilar;
Theit Thinzar Ye;
Ohn Mar Myint;
Shwe Ye Phu Aung;
Hlaing Bwar Aung;
Phyo Arkar Aung.

2 September 2021United KingdomSanctions and freezing of all UK assets held by those designated, as well as banning the business tycoon from entering the UK, and blocking others from providing funds or economic resources. subject to asset freeze are:

Tay Za;
and Htoo group of companies.
10 December 2021United Kingdom Travel bans and asset freezes pursuant to the Myanmar (Sanctions) Regulations 2021 on those involved in serious human rights violations or abuses and those responsible for undermining fundamental rights and liberties.Under the Myanmar (Sanctions) Regulations 2021:

the Quarter Master General’s Office;
the Directorate for Defence Industries, a state-owned enterprise;
the Directorate for Defence Procurement;
the Myanmar War Veterans Organisation, a quasi-reserve force for the Myanmar military;

10 December 2021United States of AmericaAction taken pursuant to Executive Order (E.O.) 14014, which targets a range of malign activities, including serious human rights abuse in Burma. All property and interests in property of the persons designated that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC.Entities added to Office of Foreign Assets Control’s Specially Designated Nationals list include:

Directorate for Defence Industries;
Myanmar War Veterans Organization;
Quartermaster General Office
10 December 2021CanadaAny payment made by or on behalf of a designated person that is due under a contract that the designated person entered into before they became a designated person, provided that the payment is not made to a designated person or to a person acting on behalf of a designated person. The 4 entities under the Special Economic Measures (Burma) Regulations are:

Myanmar War Veterans Organization;
Ministry of Defence Quartermaster General Office;
Myanmar Directorate of Defence Industries;
Myanmar Directorate of Procurement;
10 December 2021SwitzerlandCut in 2022 Swiss development cooperation budget for Myanmar.Cut in 2022 Swiss development cooperation budget for Myanmar from CHF25 million (the amount for 2020) to CHF20 million ($23.1 million to $18.5 million)
21 February 2022European UnionRestrictive measures imposed on 22 individuals and 4 entities in fourth round of sanctions.The new listings target 22 persons and 4 entities, including government ministers, a member of the State Administrative Council and members of the Union Election Commission, as well as high-ranking members of the Myanmar Armed Forces (Tatmadaw).

The individuals sanctioned are:

Aung Naing Oo;
Charlie Than;
Thet Thet Khine;
Maung Maung Ohn;
Shwe Kyein;
Aung Moe Myint;
Than Tun;
Aung Lwin Oo;
Aung Saw Win;
Than Win;
Saw Ba Hline;
Soe Oo;
Than Soe;
Bran Shaung;
Myint Oo;
Khin Maung Oo;
Nu Mya Zan;
Myint Thein;
Ba Maung;
Tayza Kyaw;
Ni Lin Aung;
and Aung Zaw Aye.

The entities sanctioned are:

Htoo Group of Companies;
International Group of Entrepreneurs (IGE) Company Limited;
No. 1 Mining Enterprise (ME1);
Myanma Oil and Gas Enterprise (MOGE)
25 March 2022United KingdomSanctions announced ahead of Myanmar Armed Forces Day in coordination with allies, targeting arms dealers and companies responsible for supplying weapons to the military. The individuals sanctioned are:

Aung Moe Myint;
Htun Aung;
and Aung Hlaing Oo.

The companies sanctioned are:

Miya Win International Ltd;
Dynasty International Company Ltd;
and Myanmar Chemical and Machinery Company Ltd.
25 March 2022CanadaThe Special Economic Measures (Burma) Regulations impose on listed persons a prohibition on any transaction (effectively, an asset freeze) by prohibiting persons in Canada and Canadians outside Canada from engaging in any activity related to any property of these listed persons or providing financial or related services to them.The individuals sanctioned are:

Aung Moe Myint;
Htun Aung;
Sit Taing Aung
and Aung Hlaing Oo.

The companies sanctioned are:

Yatanarpon Aviation Support Company Limited;
and Myanmar Chemical and Machinery Company Ltd.
25 March 2022United States of AmericaThe U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated five Burmese individuals and five entities in response to the regime’s brutal crackdown against the people of Burma.
The individuals sanctioned are:

Naing Htut Aung;
Aung Hlaing Oo;
Sit Taing Aung;
Ko Ko Oo;
and Zaw Hein.

The entities sanctioned are:
66th Light Infantry Division (66 LID);
International Gateways Group of Company Ltd;
Htoo Group of Companies;
Asia Green Development Bank Ltd;
and Myanmar Chemical and Machinery Company Ltd.


Among the numerous dreadful consequences of the Tatmadaw’s unlawful attempt to seize power, the economic backlash is certainly one of the most significant. Adding to an already critical situation for many people who have suffered due to the restrictive measures imposed to counter the COIVD-19 pandemic, the Tatmadaw’s actions have pushed the country to a situation of collapse exposing all communities to serious economic constrains leading many to unacceptable conditions of poverty and on the brink of a humanitarian disaster.

In response to the coup and the crimes committed by the Tatmadaw to silence dissent, several business entities have decided to take a range of actions, from leaving the country to suspending production and operations or ceasing partnership with Tatmadaw-affiliated entities, either for ethical reasons, to express opposition to the coup and confirm their commitment to human rights, rule of law, and democracy, or for commercial reasons, because of the uncertainty and instability. SAC-M is not in the position to confirm that all actions announced by the business entities have been implemented in full. However, SAC-M will continue to monitor developments and will update the record accordingly.

SAC-M expresses appreciation to those entities that have promptly decided to modify their modus operandi to avoid providing unwanted support to the Tatmadaw. In particular, SAC-M positively notes the efforts of business entities to comply with the Guiding Principles on Business and Human Rights – chiefly Principle 13 “Avoid causing or contributing to adverse human rights impacts through their own activities, and address such impacts when they occur” and Principle 23 “In all contexts, business enterprises should: […] (b) Seek ways to honour the principles of internationally recognized human rights when faced with conflicting requirements; (c) Treat the risk of causing or contributing to gross human rights abuses as a legal compliance issue wherever they operate.

The importance of business entities weighing in to address the political and human rights situation is evident from the wide range of economic sectors that have already taken actions. These include communication services, financial institutions, technology companies, clothing and fashion industries, food and beverages, and oil, gas, electricity, and renewable energy actors. SAC-M calls on all companies operating in Myanmar, and in particular those active in at-risk sectors such as natural resource extraction, to assess without any further delay if their actions are financially supporting the Tatmadaw, directly or indirectly, and take immediate appropriate actions to end that support.

This table lists in chronological order actions announced by business entities with the scope of enhancing respect for human rights. This record does not include actions taken on a temporary basis, such as suspension of production, when security concerns or the impossibility to carry out operations were mentioned as the sole reason for it without expressing any opposition to the Tatmadaw’s actions or human right concerns. Whenever possible, the record refers to official statements made by business entities. In a number of occasions, the only available sources were media outlets engaging in communication with the entities. SAC-M welcomes open dialogue with any business entity so as to update the record as necessary.

1 FebruaryTelenorProvider of tele, data and media communication services.NorwayIssued statements objecting to orders to limit internet and data networks. 1 February, Telenor has implemented a number of measures demanded by the Junta to limit access to data and internet networks. Telenor has repeatedly issued statements voicing concerns and maintaining that the network should be kept open and accessible and questioning necessity and proportionality of the measures.

Telenor also voiced public opposition ( to the draft cyber security bill. On 4 May, in its first 2021 quarterly report, Telenor stated that it would write off USD 780 million value of its Myanmar operation in light of the country's deteriorating security and human rights situation (
5 FebruaryKirinBeverage companyJapanTermination joint-venture partnership with Myanma Economic Holdings Public Company Limited. 15 February, Kirin's CEO announced the intention to maintain operations in Myanmar and added that solutions were under scrutiny to understand the most suitable way.
9 FebruaryRazerTechnology companySingapore/USARazer’s co-founder and director Lim Kaling exits investments in the Virginia Tobacco Company.
Lim Kaling's response has been acknowledged as authentic and published by Justice for Myanmar.
19 February68[1] international companies and 164[2] Myanmar companiesStatement not a concrete action, the statement confirms the commitment of companies to uphold human rights, democracy, rule of law, and freedom of expression.
19 FebruaryTRD consultingAnti-drone companySingaporeSuspending supply of anti-drone products. official statement has been issued. Information come from communications with Reuters. In a Facebook post from 20 February Sam Ong, TRD Managing Director, express regret for having to "cancel the anti-drone project to protect Yangon airport against drone intrusion given the current situation" after stressing that the equipment TRD provided to the police was meant to defend people from drone intrusions and have no effects on humans.
21 FebruaryGoogle Inc.Technology companyUSAPulled down blog under URL, reviewing ads, and disabled accounts on Gmail and Google Play Store.

No official statement has been issued. Information come from communications with Reuters.
24 FebruaryWoodside PetroleumOil and gas exploration and production companyAustraliaRevision of business decisions; demobilized offshore personnel (upon conclusion of the drilling project); relocation abroad of international employees. corporation appears to have taken cosmetic steps as a consequence of heavy criticism for its position after the coup ( and

The decommission of offshore staff was done after the completion of the project ( see page 4). Similarly, some elements of the statement (e.g. Woodside does not have any direct commercial arrangements with any Tatmadaw-connected organisations) bring into question credibility of intentions and actions.
24 FebruaryFacebook Inc.Technology companyUSABanning of military-controlled State and media entities. (and Instagram) has taken a number of measures in relation to developments in Myanmar. The most recent was on 14 April when it was announced the removal of “praise, support, and advocacy of violence by Myanmar Security Forces and Protestors”.
5 MarchAlphabet Inc (YouTube)Technology companyUSARemoval of four channels of Myanmar’s military-run television networks. Inc is a subsidiary of Google Inc. No official statement has been issued. Information come from communications with Reuters. The removed channels are MRTV, Myawaddy Media, MWD Variety and MWD Myanmar.
8 MarchHennes & Mauritz AB (H&M)Clothing-retail companySwedenSuspend orders with suppliers. official statement has been issued on the suspension. Information come from communications with Reuters. In an email to Reuters H&M indicated they are assessing long-term presence issues while not intending to take immediate actions.


On 17 May, H&M announced they will restart placing order with suppliers in Myanmar as due diligence activities indicated no direct link to the military.
10 MarchViberCross-platform voice over IP (VoIP) and instant messaging (IM) software application operated by Japanese multinational company RakutenJapanStopping all advertising in Myanmar.
No official statement has been issued. Information come from communications with Reuters.
10 MarchAsia Development BankFinancial institutionPhilippines (HQ)Temporary hold on sovereign project disbursements and new contracts. expressed concern over the situation on the ground and decided to suspend funding of projects.
12 MarchBenetton GroupFashion companyItalySuspend orders with suppliers. their official statement, the Benetton Group indicates that violence and violations of rights resulted in the decision to suspend all operations until the situation improves.
15 MarchOVSClothing companyItalyPending business with suppliers who carry out discriminatory acts against workers involved in protests. measure adopted by OVS appear insignificant. As indicated in their own public statement, it would not be difficult to suspend operations since their size is limited. However, OVS decided not to do so but rather suspend operations with suppliers that discriminate workers against for taking part in the protests. It is unclear who will investigate allegations and if any reporting mechanism has been established. There is no mention of any action with regard to OVS dealing with Military-owned companies.
19 MarchÉlectricité de France (EDF) - in consortium with Japan’s Marubeni Corp and Myanmar’s Ayeyar Hinthar Holdings Co. Ltd.The Ministry of Electricity and Energy is the counterpartElectric utility companyFranceSuspension of the Shweli-3 dam project. only available document is a letter sent by EDF to Justice for Myanmar. No press release or other communication is published on the website. No information on communications with the Myanmar military on the suspension is publicly available.
19 MarchBESTSELLERFashion companyDenmarkSuspension of new orders. company, after having already prohibited in early 2020 staff and business partners from engaging with companies affiliated with the military in Myanmar, decided to temporarily suspend new orders.


On 15 March, it was reported that BESTSELLER decided to resume placing orders (
30 MarchPou Chen CorpFootwear manufacturer.TaiwanSuspend production. official statement has been issued but the spokesperson announced the measure in a statement to "Focus Taiwan". The corporation produces footwear for companies such Nike Inc, Adidas AG, Asics Corp, New Balance Athletic Shoe Inc, Timberland Co and Salomon SAS.
30 MarchTsang Yi Co Footwear manufacturerTaiwanSuspend production. official statement has been issued. The company is a supplier for Adidas.
31 MarchPrimarkFast fashion retailer and a subsidiary of the British food processing and retail company Associated British Foods (ABF) IrelandSuspend orders with suppliers.
No official statement has been issued.


On 19 May, it was reported that Primark decided to resume pacing orders (
31 MarchGiesecke and DevrientTechnology companyGermanyHalted delivery of materials for banknotes. company halted all deliveries to Myanmar’s state-owned Security Print Works in response to the increasing violence. The company had already restricted its supply of raw materials, supplies and system components for the production of banknotes in the previous weeks.
31 MarchVoltaliaRenewable energyFranceWithdraw from the country. company indicated that the decision is based on the political and humanitarian crisis in Myanmar.
2 AprilPC Myanmar (Hong Kong) Limited (PCML) - Subsidiary of PetronasEnergy companyHong KongCessation of production. declared force majeure and ceased gas production. The statement indicates production dropped below technical threshold. The decision was preceded by another statement on 23 March ( confirming the intention to adhere to human rights commitments.
4 AprilTotalOil & Gas companyFranceDiscontinued gas discovery project; halting drilling operations; decommissioned drilling rig; paid to rights association in Myanmar the equivalent of taxes that will have to be paid to the military.
15 AprilS&P Down Jones IndicesPublic traded corporationUSASuspension of Adani Ports and Special Economic Zone
from the Dow Jones Sustainability Indices.
16 AprilPOSCO Coated & Color Steel Co.Coated-steel manufacturerKoreaRearrange the joint venture partnership with MEHL., the plan is to acquire the 30% of MEHL's stakes. The core of the business between POSCO C&C and the Tatmadaw is in Pyinmabin industrial zone, which is owned by MEHL. At the moment, it remains unclear if POSCO C&C will be continuing paying rent and other dues to MEHL after the rearrangement of the joint venture.
26 MayTotal S.A.Oil and gas companyFranceSuspension of cash distributions to the shareholders of the company. a joint proposal by Total and Chevron at the shareholders’ meeting of Moattama Gas Transportation Company Limited (MGTC) held on 12th May 2021, cash distributions to the shareholders of the company have been suspended effective as of 1 April 2021. Total S.A. carries the gas produced from the Yadana field to the Thai border.
26 MayChevron CorporationOil and gas company USASuspension of cash distributions to the shareholders of the company. aligned itself with Total S.A. and suspended payments of dividends to shareholders.
27 OctoberAdani PortsPort developer and operatorIndiaAdani Ports and Special Economic Zone Ltd (APSEZ) decided to exit its investment in Myanmar by June next year (2022)The company had in June said it would abandon the Myanmar container terminal project and write down the investment if it was found to be in violation of sanctions imposed by the United States.

The company is expected to fully exit the investment in Myanmar between March and June next year.
21 January 2022TotalEnergiesBroad energy company that produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables and electricity.FranceWithdrawal from the Yadana field and from MGTC in Myanmar, both as operator and as shareholder, without any financial compensation for TotalEnergies. Withdrawal will be effective at the latest at the expiry of the 6-month contractual period.
21 January 2022ChevronChevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry.USAAnnounced withdrawal from offshore natural gas field in Myanmar, that it is working on a planned orderly transition leading to an exit from the Yadana gas joint venture in Myanmar.In a statement released shortly after Total’s announcement, Chevron said it too was planning to leave “in light of circumstances.” The company has condemned the human rights abuses and said it would comply with any international sanctions.

Table Notes:

[1] The international companies signatory to the statement are: Acteus, Adidas, Amer Sports, Artelia, Asian Research Institute for Environmental Affairs (ARIEL) Pty Ltd, ATALIAN Global Services Myanmar, Audaxia Global, Audier & Partners, Beiersdorf, Being (Myanmar), BESTSELLER, Big Dutchman Myanmar, Bolloré Logistics, CANAL+, Carlsberg, CastGlobal Consulting (Myanmar) Co Ltd, Coca-Cola Myanmar, Daizen Myanmar, De Heus, Denso Industry Yangon Ltd, DSV Air & Sea, Emerging Markets Investment Advisers Pte Ltd, ENI, Ericsson Group, Facebook, Fresh Studio, Frontiir, GIC Myanmar Co Ltd, Gojo & Company, Inc, Golden Dowa Eco-System Myanmar, H&M Group, HEINEKEN, Hirokei Myanmar Systems Co Ltd (HIMS), Hongo Tsuji Tax & Accounting Myanmar Co Ltd, Humology, Japan Create Engineering Co Ltd, Japan Valuers (Myanmar) Co Ltd, Jotun Myanmar, Kantar Myanmar, KappAhl, Kelvin Chia Yangon Ltd, Kubota Myanmar Co Ltd, LEOPALACE21, LITHAN, L’Oréal, Maersk, MDF Asia Myanmar, Meranti Steel, METRO, Mintha Care Co Ltd (Bioderma), Monkiri, MPRL E&P Pte Ltd, Nestlé, Nishimura & Asahi Myanmar Ltd, Ooredoo, Otsuka Myanmar Co Ltd, PERM, Rice, Schenker Myanmar Co Ltd, SCS Global Consulting Myanmar Ltd, Telenor, TNY Legal Myanmar Co Ltd, TOTAL, Unilever, Unocal Myanmar (Chevron), Woodside, Yara, and Zuellig Pharma.

[2] The Myanmar national companies that aligned themselves to the statement are: 360ed (EdTech), ABC Beauty Co Ltd, ABC Content Solutions Co Ltd, ABC Convenience Stores, ABC Development Co Ltd, ABC Fashion Co Ltd, ABC Logistic Co Ltd, ABC Medical Solution Co Ltd, ABC Mobile Co Ltd, ABC Telecomm Co Ltd, ACP Management Co Ltd (Ascent Capital), Agriculture & Food Services International Myanmar (AFSIM) Co Ltd, alba Group, All Myanmar Advisors, Alpha Power Engineering, Amata Holding Public Co Ltd, Amiways, ANNAM Myanmar Co Ltd, Anthem Asia, Arakan Nature Lodge Co Ltd, Ayeyarwaddy Seeds & Irrigation Co Ltd, Better HR, Better Life Education & Career Supporting Centre, Better Version Institute, BOD Tech Ventures Co Ltd, Botanical Cosmetics Co Ltd, Bridge, Bumble Bee Professional Cleaning Service, Burgundy Hills, Burma Watches, C-ACTO Myanmar Co Ltd, CCEducare Myanmar, CityMart Holdings Ltd (CMHL), Clean Pro Professional Cleaning Company, Conyat Create, Cube Digital, D2D Co Ltd (Zay2Go), Dagon Group of Companies, DedaaBox, Doh Eain, Doughnut Group Co Ltd, Early Dawn Microfinance, EcoStart Myanmar Co Ltd, Edify, ERA Myanmar, Ever Flow River Group Public Co Ltd, EXO Travel, Ever Sunny Industrial Co Ltd, Exploration Travel Myanmar, First Myanmar Investment (FMI),, Focus Asia Myanmar, Frontier Myanmar, Get All Myanmar Co Ltd, Global Sky Services Ltd, Global Wave Technology, Global United Myanmar Ltd, Greenovator Co Ltd, Green & Partners Architects, Hana Microfinance, HEKS/EPER Myanmar Ltd, H.I.S Myanmar Travels, Hla Day Myanmar, Howe Sustainable, IGE Group, IME Group, IMPACT Co Ltd, Information Matrix, Inle Heritage Co Ltd, Inle Princess Co Ltd, Innoveller Co Ltd (MMBUSTICKET), Inspiral Creative, International Leadership University, Javelin Services, Jewel Palace Trading Co Ltd, JM Company Ltd, JobNet Myanmar, JP & MM Bridge Material Co Ltd, Kalaw Vista Bed & Breakfast, Kasante, KBZ Bank, KFC Myanmar, K Global Co Ltd, KMD Co Ltd, Legacy Music Network Co, L-IFT (Myanmar) Co Ltd, Linklusion, Lucy Wayne & Associates, Luther Myanmar, Maha Agriculture Public Co Ltd, Mahar Mobile App, Maia Travel & Tours, Mango Group, MAPCO, Mee Panyar, Memories Group, Mickey’s Real Wood, Microfinance Delta International Co Ltd, Mira Travels & Enterprises Ltd, MODULAR – Myanmar Home Design Ltd, Monsoon Restaurant and Bar, Moonji Production, M Pride Co Ltd, Mr Chef & Pizzamaru Myanmar, MultiVerse Advertising, MVC Accounting, Mya Ayer Group, Myanma Awba Group, Myanmar B2B Management Magazine, The Myanmar Fly Fishing Project Co Ltd Gty, Myanmar Indobest Co Ltd, Myanmar Parkview Tours Ltd, Myanmar Polestar DMC & MICE Management, Myanmar Shalom Travels, Myanmar Survey Research, Myan Shwe Pyi Tractors Ltd (MSP CAT), My Mentor Myanmar, Nexlabs, OnDoctor Co Ltd, Organic Valley, Pacific Andaman (SEA) Co., Ltd., Parami Energy Group including 8484 Co Ltd., Pegu Partners, The Pink Sun, Platform, Pochi, Pro Niti Co Ltd, Proven Group, Proximity Designs, Pun Hlaing Hospitals, Red House Bar & Restaraurant Ltd (Kalaw), Sampan Travel, Sanctum Inle Resort, SCM Legal, Seagram Myanmar, Shwe Bank, ShweProperty, Sin Sar Bar, SITHAR Coffee, Smart Way Travel, Strategy First Education Group Ltd., Sushi Academy, Thibi, ThitsaWorks, TMW Group of Companies, The Tokyo Enterprise Co Ltd, Top HR Solutions, Tour Mandalay, uab bank, uab securities, Uncharted Horizons, Vero Public Relations, Victoria Hospital, Virya Myanmar, The Warehouse Myanmar Co Ltd, The Water Agency, Wave Money, Yangon Door2Door, Yangoods, Yever, YKKO, Yoma Bank, Yoma Group, and Zingo Myanmar (Guava Ventures Ltd).


In addition to actions taken by States and business entities, SAC-M notes and welcomes that also international organizations, in particular multilateral development banks, have taken steps to ensure that funds they provide do not support the commission of crimes and human rights violations by the Tatmadaw. SAC-M reiterates its call to all international organizations to immediately disengage from any military business to avoid any form of complicity in the grave human rights violations occurring in Myanmar.

1 FebruaryWorld BankFinancial institutionWashington, USA (HQ)Suspended operations. after the coup, the World Bank suspended disbursements to their operations and put in place enhanced monitoring for existing programs.
10 MarchAsia Development BankFinancial institutionPhilippines (HQ)Temporary hold on sovereign project disbursements and new contracts. expressed concern over the situation on the ground and decided to suspend funding of projects

Table Notes:

[3] Members of the Committee on Credentials are Andorra; Australia; Cameroon; Haiti; Iceland; Mali; Monaco; Namibia; Panama; Singapore; Somalia; and Thailand.


Foreign financial investments represent a major source of funding for the Tatmadaw. Recent research indicated that banks, pension funds, and other various financial entities continue to invest in companies that have either direct and longstanding commercial ties to the Tatmadaw or to public entities that have come under control of the Tatmadaw following the seizure of power on 1 February. The overall investments are estimated in tens of billions of US Dollars. Therefore, it is absolutely critical that banks and investment funds cease immediately any investment in such companies, suspend all payments to Myanmar state-owned entities, and pressure investing companies to sever any commercial and financial relationship that may provide a source of funding to the Tatmadaw.

31 MarchAPGPension fundNetherlandsCommunicated concern to companies operating and investing Myanmar. 16 April, APG claimed ( that its role in raising concerns with companies where they have investments led to the decision of POSCO C&C to end the joint venture with MEHL.
31 MarchPGGMPension fundNetherlandsPlaced investments under revision., in response to a report from Justice for Myanmar, confirmed their intention to respect human rights and international standards for corporate responsibility and announced investigations into the companies with links to the Tatmadaw.
11 MayP+Pension fundDenmarkInvestments placed under scrutiny. an attempt at promoting transparency and share information with its investors, P+ has identified 11 companies in which it has investments that have direct connection to the Tatmadaw (

Although no action with regard to disinvestment has been taken yet, the company announced a rigorous scrutiny to avoid complicity in human rights violations. P+ set a 1 October deadline to update the document on the basis of their review.
9 JuneStorebrand Asset Management, Domini Impact Investments, Heartland Initiative, Inc. + 74 investor signatoriesAsset ManagementNorwaySigned an investor statement calling for immediate action from companies across all sectors with operations linked to Myanmar.The 77 investors and their representatives with more than 3.9 trillion USD in combined assets under management or advisement, called on all companies with activities in or linked to Myanmar to immediately map their business activities, relationships and/or investments across their value chain in Myanmar to identify and assess human rights risks and harms that they may have or are causing, contributing to, or are linked to.
23 JuneKLPPension FundNorwayDivested from Adani Ports and Special Economic Zone Limited.KLP, Norway's largest pension fund, divested from Adani Ports and Special Economic Zone Limited on the grounds the company's links with the Myanmar military breach the fund's responsible investment policy.
KLP had an investment worth nine million crowns ($1.05 million) in Adani Ports at the time of its decision.