Myanmar military cartels sanctioned
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The U.S. has imposed sanctions on two of Myanmar’s military cartels, Myanmar Economic Holdings Limited (MEHL) and Myanmar Economic Corporation (MEC)
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Feb 5: Japanese beer giant Kirin Holdings scraps beverage alliance with MEHL
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Hilton Worldwide Holdings: Three hotels in Myanmar – one in Rakhine state on land leased from Tatmadaw
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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
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South Korea’s Inno Group has joined MEHL to develop a $120 million Yangon scheme that will include apartment buildings and convention centre
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MEHL
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
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MEC
Fully owned and controlled by Ministry of Defence
Controls mining, manufacturing, telecoms, natural resources
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MOGE
Myanmar Oil and Gas Enterprise now controlled by junta
Represents single largest source of revenue to state
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Britain has also targeted MEHL – both military-owned cartels provide “dark money” to coup leader and Tatmadaw (army) commander General Min Aung Hlaing
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Feb 18: Protesters against coup call for boycott of Tiger Beer – Singapore beer brand is part of Heineken
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Adani Group: Indian firm is building $290 million port in Yangon with MEC
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Mytel: Vietnamese telecom company in joint venture with MEC
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Total, Chevron and Thailand’s PTTEP have offshore gas project in partnership with MOGE
2015-19: Companies pay estimated $1.8bn to MOGE
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Sources: Reuters, U.S. Treasury, Justice For Myanmar Picture: Getty Images © GRAPHIC NEWS