U.S. sanctions may spur Adani to exit Myanmar
The Hindu
Ports firm had won a terminal project
Adani Ports and Special Economic Zone Ltd. said on Tuesday it could abandon a Myanmar container terminal project and write down the investment if it is found to be in violation of sanctions imposed by the U.S. “In a scenario wherein Myanmar is classified as a sanctioned country under the Office of Foreign Assets Control (OFAC), or if OFAC opines that the project violates the current sanctions,(Adani Ports) plans to abandon the project and write down the investments,” the company said in a filing to exchanges on Tuesday. OFAC, part of the U.S. Treasury Department, administers and enforces economic and trade sanctions based on the country’s foreign policy. A military coup in Myanmar on February 1 and an ensuing crackdown on mass protests has drawn sanctions on military-controlled entities.More Related News
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