Three NGOs have criticised Swedish pension funds for investing about 485$ million in companies linked to Myanmar’s military. The groups say the companies either sell weapons to, or do other business with, the military authorities in Myanmar.
The Swedish Committee for Burma, Justice for Myanmar and Fair Finance Guide presented the study. They said Swedish pension money was placed in 12 companies connected to the military regime.
According to the study, the largest investor is the Seventh Swedish Pension Fund, AP7, which manages pensions for six million Swedes. It said AP7 had invested 2.7 billion kronor in several companies, including 620 million kronor in Indian firms Bharat Electronics and Hindustan Aeronautics, which have exported weapons and military equipment to Myanmar.
The report also listed investments by AP7 and other funds in Thai oil company PTT and Japanese telecom operator KDDI. AP7 said it is reviewing its holdings and could decide within weeks whether to stop investing in some of the companies.
Myanmar’s military seized power in a coup in 2021, triggering civil war. The junta says phased elections due to start on 28 December are a step towards reconciliation, but opposition groups plan a boycott and rights monitors say the polls will not be free.
