Myanmar military cartels sanctioned

The U.S. has imposed sanctions on two of Myanmar’s military cartels, Myanmar Economic Holdings Limited (MEHL) and Myanmar Economic Corporation (MEC)

Conglomerate has 1,793 institutional shareholders, including regional military commands and subordinate battalions, divisions, platoons, squadrons, and border guard forces

MEHL controls banking, trade, logistics, construction, mining, tourism, agriculture, tobacco, food and beverages

MEC

Fully owned and controlled by Ministry of Defence

Controls mining, manufacturing, telecoms, natural resources

MOGE

South Korea’s Inno Myanmar Oil and Gas Group has joined Enterprise now

MEHL to develop a controlled by junta

$120 million Yangon Represents scheme that will include single largest apartment buildings and source of convention centre revenue to state Sources: Reuters, U.S. Treasury, Justice For Myanmar

Feb 5:

Japanese beer giant Kirin Holdings scraps beverage alliance with MEHL

Hilton Worldwide

Holdings: Three hotels in Myanmar – one in Rakhine state on land leased from Tatmadaw Affiliate of South

Korean steelmaker POSCO runs two plants in Myanmar with MEHL. Operates Shwe gas field with MOGE – revenue to Tatmadaw of $970 million/year

MEHL

Britain has also targeted MEHL – both military-owned cartels provide “dark money” to coup leader and Tatmadaw (army) commander General Min Aung Hlaing

Feb 18:

Protesters against coup call for boycott of Tiger Beer – Singapore beer brand is part of Heineken

Adani Group: Indian firm is building

$290 million port in Yangon with MEC

Mytel: Vietnamese telecom company in joint venture with MEC

Total, Chevron and Thailand’s PTTEP have offshore gas project in partnership with MOGE 2015-19: Companies pay estimated $1.8bn to MOGE