Adani removed from S&P index over alleged links with Myanmar military

Adani Ports and Special Economic Zone (APSEZ) will be removed from the Dow Jones Sustainability Indices following scrutiny over the company’s commercial relationship with Myanmar’s military, who are alleged to have committed serious human rights abuses.

After the military coup in February, a crackdown on protests has seen 700 people killed, drawing condemnation from human rights groups and international sanctions on military holding companies.

The US Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned the military-affiliated Myanmar Economic Corporation, which APSEZ has paid US$30m to in land lease fees according to leaked documents obtained by activist groups.