Australia’s Future Fund invested in weapons manufacturers that have sold arms to Myanmar military | Australia news

Australia’s sovereign wealth fund, the Future Fund, has invested in a Chinese language state-controlled weapons producer that has sold combat aircraft to the Myanmar military, which is accused of crimes in opposition to humanity.

A weapons firm managed by India can be amongst corporations the fund has invested in that are linked with the Myanmar military, paperwork launched underneath freedom of knowledge legal guidelines present.

Myanmar’s military seized management of the nation in a coup in February and has since killed greater than 1,200 civilians in a crackdown on pro-democracy protests.

In whole, Australia’s Future Fund has invested $157m in 14 publicly traded corporations that have performed enterprise with the Myanmar military.

The fund’s holdings embody $4.9m invested in 5 subsidiaries of the Chinese language arms conglomerate Aviation Business Company of China (AVIC).

It additionally has $17.8m invested in Bharat Electronics, an organization managed by the Indian authorities that has equipped materiel to the Myanmar military and was sanctioned between 1998 and 2001 by the US over allegations it was concerned in growing nuclear weapons. The sanctions had been lifted in 2001 due to India’s cooperation with the US in an anti-terrorism marketing campaign.

The Future Fund holds about $200bn in investments made on behalf of the Australian authorities. It’s overseen by a board of guardians chaired by Peter Costello, who was treasurer in the Howard authorities.

Myanmar’s military, often known as the Tatmadaw, has confronted worldwide condemnation over its 2017 “clearance operations” – executed with “genocidal intent”, in accordance to UN investigators – in opposition to the ethnic minority Rohingya in Rakhine state, which included mass killings, together with of youngsters, in addition to gang rapes, arson and torture. Greater than 25,000 Rohingya had been killed, and 700,000 pushed over Myanmar’s border into Bangladesh.

In 2019, a UN fact-finding mission mentioned China was breaching worldwide humanitarian legislation due to AVIC’s transfers of military provides to the Tatmadaw.

The majority of Australia’s funding in AVIC is thru subsidiary AviChina, in which it has invested $3.2m. AviChina manufactures the Okay-8 mild fight plane, which have been used in military operations in the state of Kachin in Myanmar.

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In 2015, the Myanmar military ordered 16 JF-17M fight plane from AVIC underneath a US$560m contract. The primary 4 planes had been commissioned in 2018, a yr after the Myanmar military’s genocidal marketing campaign in opposition to the Rohingya.

AVIC additionally delivered 40 short-range PL-5E missiles and 24 longer-range PL-12 missiles, each of which may be fitted to the JF-17M plane, to the Myanmar military in 2018-19, in accordance to the Stockholm Worldwide Peace Analysis Institute Arms Transfers Database.

Bharat Electronics has continued to promote military provides to the Tatmadaw for the reason that coup. The corporate has equipped the Tatmadaw with radar, sonar, a coastal surveillance system and a remote-controlled weapons station, in accordance to export information.

The Justice For Myanmar spokesperson Yadanar Maung mentioned that for the reason that 1 February coup, the military had killed greater than 1,200 civilians, together with kids, had tortured hundreds, dedicated rape, torched villages and launched indiscriminate airstrikes on properties.

“It’s deplorable that Australia’s Future Fund is searching for to revenue from corporations arming the Myanmar military and successfully financing its marketing campaign of terror.

“Within the title of Australia’s ‘future’, taxpayer funds are being invested in corporations that provide the Myanmar military with fighter jets, missiles, radar and supply tens of millions in annual income to struggle criminals. It’s time Australia stops profiting on the expense of the lives of Myanmar folks and Myanmar’s future.”

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Different corporations in which the Future Fund has investments that have hyperlinks to the regime embody Sinotruk, which makes vehicles utilized by the Tatmadaw however has denied promoting the automobiles to the military. The fund has invested $4.4m in Sinotruk, which didn’t reply to Guardian Australia’s questions.

The Future Fund’s largest Tatmadaw-linked funding is in Korean metal big Posco, which operators the Shwe gasoline mission, a significant income earner for the Myanmar military. A Posco subsidiary additionally brokered the sale of a warship for the Myanmar navy. Posco has not responded to questions from the Guardian however Jeong Joon-sung, a Posco director, has beforehand said: “We don’t assume that the gasoline area enterprise is related to the military junta.”

The Future Fund has additionally invested $33m in Kirin, which is in three way partnership with a Tatmadaw-controlled firm in a brewery enterprise in Myanmar. After the coup, Kirin suspended dividend funds to the Tatmadaw firm, MEHL, and promised it might cease doing enterprise with it.

It has not but performed so and earlier this month MEHL utilized to the courts in Myanmar to have the three way partnership liquidated – a transfer Kirin mentioned it opposed “due to doubts concerning the equity and appropriateness of the liquidation course of”.

A Kirin spokesperson, Russell Roll, mentioned the corporate “has made each effort to negotiate the termination of the three way partnership with MEHL”.

“Nonetheless, MEHL has been uncooperative in the negotiations, successfully rejecting our proposals,” he mentioned.

“We have been and proceed to be deeply involved by the current actions of the military in Myanmar, that are in opposition to our requirements and human rights coverage.”

The Future Fund didn’t reply questions on its investments in corporations linked to the Tatmadaw.

In an announcement, a spokesperson mentioned: “In keeping with its mandate from authorities, the Future Fund has constructed a broadly diversified portfolio which incorporates passive investments by exterior funding managers in hundreds of entities globally.

“The fund has a well-established coverage on environmental, social and governance issues and exclusions which takes account of its goals, laws, funding technique, Australian legislation and the treaties that the Australian authorities has entered and ratified.”

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