Swedish pension funds criticised over Myanmar links

STOCKHOLM

Three NGOs have said that Swedish pension funds had invested $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 ($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.

Myanmar's military seized power in a 2021 coup, sparking a civil war.

It has said that phased elections due to start on December 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.