IN-DEPTH RESEARCH INTO THE VAST BUSINESS EMPIRE FUNDING BRUTALITY AND GENOCIDE
Our research sheds light on transactions and relationships the military would prefer stay hidden
We examine the trends, investments and legal ties of the military's various business assets as described in public and private documents and news reporting across a number of languages. Much of the evidence of the military's conflict of interest and wrongdoing are out in the open, seeking only to have curious and thoughtful researchers connect the dots in a cohesive way.
If you have evidence you would like to share with our team, please contact us.

JFM lists military-owned businesses, directors and key business associates for targeted international sanctions.
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Myanmar’s generals in coming years could be entitled to more than US$700 million from Mytel.
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The Myanmar military has built up an arsenal of digital weapons now utilised in the brutal crackdown against peaceful protesters. Much of it is from the West.
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SGX-listed company earns revenue for military junta and finances war crimes.
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Myanmar's military generals must be prevented from gaining access to the country’s foreign assets and banking.
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JFM lists military members of the SAC, their families, businesses & business associates for targeted sanctions.
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Natural gas projects backed by foreign investors will prop up the military's dictatorship.
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Senior General Min Aung Hlaing has financial motives in threatening a coup.
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The military's latest arms deal includes the Orlan-10E UAV, which will fuel war crimes and crimes against humanity.
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Our investigation into the communications sector's corruption has revealed a global network of businesses complicit in enabling the military's war crimes.
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The NLD-led government has enabled the Myanmar military. This must change.
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Myanmar military Airbus deals for troop transport and luxury travel exposed in internal military procurement documents.
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NLD-led government failed to prevent abuse of Myanmar Numbering Plan.
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The Myanmar military’s proxy party, Union Solidarity Development Party, is part of the military cartel and benefits from the military’s total impunity.
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Shareholder data referenced in the Amnesty International report — Military LTD: The Company Financing Human Rights Abuses in Myanmar
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Military leadership held lavish fundraising events while carrying out a genocide against the Rohingya.
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Ties to Sr. Gen. Min Aung Hlaing's family business raises corruption concerns.
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Deplorable conflict of interest with firm run by Lt. Gen Soe Htut's sons.
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The nearly 200 lives lost in the Hpakant landslide show the cost of Myanmar’s military-controlled jade mining industry.
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The people of Myanmar suffer as the armed forces act as both a state institution and an enterprise for the personal profit of military officials.
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Ever Flow River, the sixth listing on the Yangon Stock Exchange, is part of a large-scale development project to enrich the Myanmar military.
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JFM has found evidence that money from the land lease flows to the Quartermaster General's office, through a proxy company.
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The Myanmar military commits war crimes with impunity. Learn how they're funded by a network of businesses without civilian government oversight.
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We are busy working to identify complicit businesses and pressure them to reconsider their relationship with the Myanmar military. For example:
Most implicated sectors, according to the UN Fact Finding Mission Report
- Agriculture, Forestry & Fishing
- Extraction
- Finance & Insurance
- Food & Beverage
- Manufacturing
- Media & Tech
- Real Estate & Construction
- Beverages & Tobacco
- Tourism & Leisure
- Trade & Transportation
Largest implicated foreign companies based on public revenue data:
- NORINCO (People's Republic of China) (62 billion USD)
- Posco Steel Co. Ltd (Republic of Korea) (60 billion USD)
- Kirin Holdings (Japan) (15.3 billion USD)
- Adani Group (India) (13 billion USD)
- Sumitomo Mitsui Financial (Japan) (15.3 billion USD)
- Japan Credit Bureau (Japan) (2.8 billion USD)
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