platforms and is a warning to ensure consultants are fully cognisant with all legal frameworks, including criminal sanctions and the potential for human rights violations. Justice For Myanmar spokesperson Yadanar Maung said: “ETC is a longstanding business partner of the Myanmar military that is complicit in the junta’s genocide, war crimes and crimes against humanity. ETC’s divestment was necessary but raises further questions that we urge Singapore authorities to address, including whether SGX will remain exposed to the Golden City project, and the fact that a private Singapore company will continue to bankroll the murderous junta. “We are heartened that Singapore Exchange Regulation has taken swift action against ETC over its business with the Myanmar military, and to issue sanctions guidance that strengthens the impact of Myanmar sanctions for SGXlisted companies.” Golden City officially opened Golden City Business Centre in 2017. The development, with a net leasable area of around 150, 000 square feet, involved land use payments over a 70-year term with amounts of up to US$191.1 million to the Myanmar army. States have imposed sanctions against Myanmar in response to its government’s violent suppression of pro-democracy movements, corruption and human rights violations. Sanctions include arms and trade embargoes, asset freezing and prohibitions on travel and investment and yet the investment opportunity was offered through SGX. Our legal memo was requested when SGX initiated regulatory actions against the developer of the Golden City complex, ETC, after Justice For Myanmar published an investigation into payments to the Myanmar army, implicating funds raised on the SGX. At the time I was instructed to lead barrister Daye Gang by the Australian Centre for International Justice on behalf of Justice for Myanmar, ETC had already commissioned two independent reviews: one by Nexia TS Advisory into contractual payments and fundraising; and another by Kelvin Chia Partnership into the applicability of sanctions and compliance with “applicable laws”. However, our legal memorandum found that these reviews may not have addressed a range of international law risks in light of the 2019 UN Independent International Fact-Finding SPECIAL FEATURE 45 States have imposed sanctions against Myanmar in response to its government’s violent suppression of pro-democracy movements, corruption and human rights violations.
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