Banks investing in the military cartel
July 28, 2021
Crédit Agricole, Sumitomo Mitsui Trust, Mitsubishi UFJ Financial Group, Bank of America and JPMorgan Chase are among the top banks investing in companies linked to the Myanmar military junta
Updated analysis conducted by BankTrack and Justice For Myanmar, which now includes asset managers and subsidiary funds, has found that nineteen internationally operating banks have invested over US$65 billion in 18 companies that have either direct and longstanding commercial ties to Myanmar's military or to state entities that the military is attempting to control as a result of the coup.
These banks have continued their investments despite the Myanmar junta's campaign of terror that has involved the murder of more than 900 people since the February attempted coup and indiscriminate airstrikes in ethnic areas. These abuses are financed by international businesses.
Justice For Myanmar calls on banks to act by divesting from companies linked to the military before the February 1 coup and using their leverage to ensure that investee companies linked to the military as a result of the coup suspend payments.
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Banks Investing in the Military Cartel