STOCKHOLM: Three NGOs said on Friday (Nov 28) that Swedish pension funds had invested US$485 million in companies selling arms to or doing business with Myanmar’s military rulers.
Sweden’s biggest pension fund responded that it was reviewing its investments and could decide within weeks to stop putting money into some of the firms named.
The Swedish Committee for Burma, Justice for Myanmar and Fair Finance Guide said pension funds had invested 4.6 million kronor (US$485 million) into 12 companies selling weapons to or doing business with Myanmar’s military.
“By far the largest investment is made by the Seventh Swedish Pension Fund (AP7), where six million Swedes have their pension money,” said the study, which was carried out by the three groups.
It said the fund had put 2.7 billion kronor into companies – including 620 million kronor into Indian firms Bharat Electronics and Hindustan Aeronautics – “which have exported weapons and military equipment to the military” in Myanmar.
The study also named investments by AP7 and other Swedish pension funds in Thai oil company PTT and Japanese phone operator KDDI.
AP7 spokesman Johan Floren said the fund regularly reviewed its investments.
“The situation in Myanmar has been a catastrophe for several years,” Floren told AFP.
“Over the years we have sought information and we exclude companies twice a year on the basis of this information. We have already excluded some companies,” he added.
Floren said AP7 was “very aware” of the risk posed by some companies.
“For others, there are accusations but we struggle to find the elements that confirm them. And some have quite simply never been identified … before in this context,” he added.
AP7 would complete its own review in about two weeks, and it was “very possible” that some firms named by the NGOs would be excluded from AP7’s investment portfolio, he said.
Myanmar’s military seized power in a 2021 coup, sparking a civil war.
It has said that phased elections due to start on Dec 28 are the first step towards reconciliation.
But opposition groups have said they will boycott the election and rights monitors have said it will not be free.
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