Australia’s sovereign wealth fund chided for Myanmar junta ties

By DMG 29 Nov 2021

DMG Newsroom
29 November 2021, Sittwe 

Australia’s sovereign wealth fund, Future Fund, is significantly invested in companies that do business with Myanmar’s military regime, the advocacy group Justice For Myanmar announced on November 29. 

The Future Fund owns up to Aus$157.9 million in shares of 14 listed companies directly linked to Myanmar’s military regime, according to Justice For Myanmar. 

“Six of the companies are connected to the arms trade with Myanmar, while others span real estate, tourism, transportation and beverage sectors, providing the military with diverse sources of revenue and equipment to finance their continued atrocity crimes,” Justice For Myanmar said in a press release on November 29. 

Ma Yadanar Maung, a spokeswoman for Justice For Myanmar, called on the Future Fund to end its support for the junta. 

“It is deplorable that Australia’s Future Fund is seeking to profit from companies arming the Myanmar military and financing its campaign of terror,” she said. 

“In the name of Australia’s ‘future’, taxpayer funds are being invested in companies that supply the Myanmar military with fighter jets, missiles, radar and provide millions in annual revenue to war criminals. It is time Australia stops profiting at the expense of the lives of Myanmar people and Myanmar’s future,” Ma Yadanar Maung added.  

According to a 2019 report by the Independent International Fact-Finding Mission on Myanmar, Myanmar Economic Holdings Ltd (MEHL) and the Myanmar Economic Corporation (MEC) — both owned by the Myanmar military — are providing substantial funding to the Tatmadaw to commit atrocities and maintain their rule. 

The Independent International Fact-Finding Mission on Myanmar has called for an arms embargo against Myanmar, and for the international community to sever business ties with the Myanmar military. 

“The Australian government has been working with the Myanmar military for a long time,” said Ko Nyi Nyi Lwin aka U Gambira, an influential former monk who participated in the 2007 Saffron Revolution and is married to an Australian national.  

“The Australian government has been seen to prioritise self-interest over human rights and democracy. More than that, it’s the money of Australian taxpayers. Support from such taxes to carry out terrorist killings for a military dictatorship should be stopped as soon as possible,” he added. 

Justice For Myanmar has called on the Australian government to immediately withdraw its investment in Myanmar’s military regime and companies doing business selling arms and munitions to the junta.  

Justice For Myanmar also urged the Australian government to impose sanctions on the Myanmar military and its key business partners, and to support a global arms embargo against the regime.