Myanmar’s shadow civilian government has called out eight companies to abandon “illegal investments” of more than 3.1 billion dollars (5 trillion kyats) under the military regime.
The companies named by the National Unity Government (NUG) are TTCL Power Myanmar Co. Ltd of Japan; Myanmar Heng Ya Investment Development Co Ltd of China, Myanmar-based N Motors Company Limited, Petro and Trans Co Ltd; S Gemological Institute Co Ltd, Singapore-based Clean Power Energy Co. Ltd; Myanmar Golden Eagle Co Ltd of Thailand and Mee Lin Gyaing Electric Power Co Ltd, which is registered in the British Virgin Islands.
The NUG’s statement said it will not recognize any investment permits and endorsements made by the regime.
It threatened the companies with prosecution if they fail to comply with its instructions.
The NUG accused the companies of seeking “unlawful” permits and endorsements from the Myanmar Investment Commission, which is headed by regime-appointed Lieutenant General Moe Myint Tun.
“The indiscriminate issuance of investment permits and endorsements by the Myanmar Investment Commission under the control of the illegal military council runs counter to the tenets of federal democracy to which the people of Myanmar aspire. Such actions shall not be tolerated,” said the NUG’s planning, finance and investment minister, U Tin Tun Naing.
The biggest alleged investor is Mee Lin Gyaing with a 1.4-gigawatt, $2.5-billion power project in the Ayeyarwady delta which is reportedly Chinese-backed.
Other investments included two LNG (liquefied natural gas) power plants and one solar power plant, the development of the Kambaiti economic zone, rental and sale of business properties in eastern Kachin State and assembly of motor vehicles.
See the full list published by the NUG below.
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