The National Unity Government (NUG) stated that eight companies, valued at over one billion dollars each, must suspend their investments and business in Myanmar or face severe consequences.
Five of the companies are Singapore owned, two are joint ventures with Singapore and one is Chinese-owned.
The NUG's Ministry of Planning, Finance and Investment made the statement in an announcement issued on 31 July that said this was a final warning to the eight companies.
The statement also said that any companies who have received a permit to operate or invest from the junta-controlled Myanmar Investment Council (MIC) must immediately suspend all their operations in Myanmar.
Last year, after the coup, the Committee Representing the Pyidaungsu Hluttaw (CRPH), a Burmese legislative body in exile representing a group of National League for Democracy lawmakers and members of parliament ousted in the 2021 Myanmar coup, stated that it would regard as invalid any investment permits issued after 1 February 2021, the day the junta took over.
The statement was endorsed by the NUG in a 21 July 2021 statement that said the NUG would not recognise or honour any new investment approved by an organisation under the control of the junta.
On 30 August 2021, the CRPH issued another statement reinforcing its position and warned that any company that ignores its warnings and continues to invest in Myanmar and cooperate with the junta will be liable to enforcement action.
