Felicity Gerry QC has drafted a legal memo for Justice for Myanmar, instructed by the Australian Centre for International Justice on investment risks for the Singapore Stock Exchange (SGX). The memo sets out international law and guidance concerning due diligence obligations on SGX and international obligations on the Monetary Authority of Singapore and the Singapore Government when doing business with the Myanmar military and its business interests.
The legal memo focussed on the listing of Emerging Towns & Cities Singapore (ETC), the developer of the Golden City complex, under a build-operate-transfer agreement with the Myanmar Army’s Quartermaster General’s Office.
Yadanar Maung, Justice For Myanmar spokesperson said “This legal memorandum raises urgent questions for SGX and the Singapore government. As the memo points out, Singapore has been the largest foreign investor in Myanmar. ETC is just one of many Singapore companies that have commercial ties to the Myanmar military junta and its conglomerates”.
Rawan Arraf, Executive Director at the Australian Centre for International Justice: stated
“This wide-ranging legal memorandum demonstrates the necessity for the Singapore Exchange and Singaporean authorities to seriously examine their obligations under international law, to include global governance compliance. As part of their examination of the issues, consideration must be made to providing effective redress to those that may have been harmed by business with the Myanmar military. More broadly, businesses operating in Myanmar need to undertake their due diligence.
Since the memo was published The Business Times in Singapore has reported that “FINANCIAL regulators in Singapore said they have taken steps aimed at mitigating risks from entities that have business dealings with Myanmar” in response to queries from The Business Times on the legal memorandum.
Felicity led Daye Gang of the Victorian Bar
You can read the Business Times article here https://www.businesstimes.com.sg/companies-markets/singapore-regulators-taking-steps-to-mitigate-risks-from-entities-with-myanmar