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Adani Ports Says Could Abandon Myanmar Project

Adani Ports engaged U.S.-based legislation agency, Morrison Foerster, to make sure compliance with OFAC sanctions

Adani Ports and Special Economic Zone Ltd mentioned on Tuesday it may abandon a Myanmar container terminal challenge and write down the funding whether it is discovered to be violating sanctions imposed by the United States.

“In a scenario wherein Myanmar is classified as a sanctioned country under the Office of Foreign Assets Control (OFAC), or if OFAC opines that the project violates the current sanctions, APSEZ plans to abandon the project and write down the investments,” the corporate mentioned in a submitting to exchanges on Tuesday.

Adani Ports has engaged U.S.-based legislation agency, Morrison Foerster, to make sure compliance with the OFAC sanctions, it mentioned.

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