Adani Ports Says Could Abandon Myanmar Project

Adani Ports and Special Economic Zones plans to abandon the project and write down the investments," the company said in a filing to exchanges on Tuesday.

Adani Ports and Special Economic Zone Ltd said on Tuesday it could abandon a Myanmar container terminal project and write down the investment if it is found 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 company said in a filing to exchanges on Tuesday. Adani Ports has engaged U.S.-based law firm, Morrison Foerster, to ensure compliance with the OFAC sanctions, it said.