Announcement (3/2021)

Announcement for illegal formation of Myanmar Investment Commission under SAC and projects approved by this committee considered null or void by the National Unity Government

In connection with the illegal approval by the Myanmar Investment Commission of investments and projects in Myanmar, the National Unity Government (NUG) states the following:

1. Following an illegal attempt to seize power from the democratically elected government of Myanmar on 1 February 2021, the State Administration Council (SAC) has illegally detained the Minister of Investment and Foreign Economic Relations and Chairman of MIC and attempted to replace members of the MIC without any legal basis.

2. Consequently, since the time when the MIC is reorganized by the influential individuals of the illegal terrorist military council, the legality of the MIC has also been automatically dissolved, and the investment functions and confirmations from the MIC are also regarded as the unlawful matters.

3. The National Unity Government reaffirms the Notification issued by the Acting Union Minister of Investment and Foreign Economic Relations on 13 March 2021 which states all investment permits and endorsements issued by the MIC after 1 February 2021 are null and void and cannot form the basis of any legal approval.

4. Banks and financial entities involved in projects which are not legally approved by the MIC are put on notice that such projects are unauthorised, illegal and not in compliance with the laws and regulations of Myanmar.

5. No major projects in Myanmar could be approved until a full environmental impact assessment (EIA) has been conducted and relevant approvals have been issued in accordance with the EIA Procedures 2015, which cannot occur until a legitimate civilian government is restored. Further, the actions of the State Administration Council since 1 February 2021 prevent the conduct of meaningful and genuine public participation and consultations on the project, rendering it impossible to carry out an EIA in accordance with Myanmar law.

6. The sponsors of such investment projects will be liable for all harm and damage directly or indirectly caused by the implementation, development and operation of such projects and may not claim any form of compensation from companies carrying out such illegal activities.

7. All directors, officers, and senior managers of companies involved in such projects will be held civilly and criminally liable for any violations of the Myanmar Investment Law 2016, the Environmental Conservation Law 2012, the Anti-Terrorism Law 2014, the Anti-Corruption Law 2013, and the Penal Code.

8. The National Unity Government welcomes responsible investments that have a long-term benefit for the people of Myanmar and commits to support such investments. Businesses and investors are strongly urged to comply with existing laws and regulations of Myanmar and follow the United Nations Guiding Principles on Business and Human Rights and avoid investment projects that undermine Myanmar’s rule of law, peace and democracy.

Tin Tun Naing
Union Minister
Ministry of Planning, Finance and Investment
The National Unity Government

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