Adani Ports Says Might Abandon Myanmar Mission If Discovered To Violate US Sanctions

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“In a state of affairs whereby Myanmar is classed as a sanctioned nation underneath the Workplace of International Belongings Management (OFAC), or if OFAC opines that the venture violates the present sanctions, APSEZ plans to desert the venture and write down the investments,” the corporate mentioned in a submitting to exchanges on Tuesday.

Reuters

Might 04, 2021 / 05:55 PM IST

Adani Ports and Particular Financial Zone Ltd mentioned on Tuesday it may abandon a Myanmar container terminal venture and write down the funding whether it is discovered to be violating sanctions imposed by america.

“In a state of affairs whereby Myanmar is classed as a sanctioned nation underneath the Workplace of International Belongings Management (OFAC), or if OFAC opines that the venture violates the present sanctions, APSEZ plans to desert the venture and write down the investments,” the corporate mentioned in a submitting to exchanges on Tuesday.

Adani Ports has engaged US-based legislation agency Morrison Foerster to make sure compliance with the OFAC sanctions, it mentioned.

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