Business & Economy

Japan brewer Kirin to withdraw from Myanmar

Tokyo, Feb 14 (EFE).- Japan brewery Kirin Holdings Monday said it would withdraw from its business in Myanmar and terminate its joint venture with a local partner linked to the military.

Kirin is in dispute with Myanma Economic Holdings Limited over winding up its business in Myanmar after the military seized power and ousted an elected government on Feb.1 last year.

The Japanese beverage maker approached the Singapore International Arbitration Center in December 2021 for mediation with MEHL.

“Kim Holdings expressed its regret over the action of the military seizing by power by force in Myanmar, which is against Kirin Holdings’ standards and human rights policy,” the brewer said in a statement.

The company said it “decided to terminate its current joint partnership with MEHL, which provides the service of welfare fund management for the military.”

It said the company took every measure to find a way forward to continue contributing to the Myanmar economy.

Kirin Holdings commenced and was proceeding with discussions with MEHL to “withdraw from the business in Myanmar, giving top priority to the termination of the joint venture as soon as possible,” the statement said.

The company said it was committed to ending the matter by June.

Kirin stopped paying dividends to MEHL in November 2020, before the coup, over allegations that the Myanmar army was involved in the persecution of the Rohingya Muslim minority.

The closure of operations will affect another subsidiary, Mandalay Brewery, also operated under a joint venture with MEHL.

Kirin will become the first Japanese company to withdraw from Myanmar. EFE


Related Articles

Back to top button