The Shell Starts to Crack? Real Owners of Myanmar’s Oil and Gas Come Forward

Overview

Corrupt politicians all over the world use companies and trusts with hidden ownership to seize public property worth billions of dollars. This deprives ordinary citizens of money that should be spent on development and empowers unaccountable elites, often helping them gain and maintain power at the expense of democracy, human rights and peace.

Revealing the real people behind companies is critical to achieving genuine reform in Myanmar, where military families and crony tycoons have long benefited from control of natural resources like gas and gemstones. This is a critical time—in July 2014, Myanmar became a candidate member of the Extractive Industries Transparency Initiative (EITI), a global transparency standard which recommends that the
identities of individuals who own and control oil, gas and mining companies are published. If Myanmar can meet the standard, it will go a long way to addressing the question of who really owns the companies that control the country’s most valuable natural assets […]

Myanmar Takes Global Lead on Company Ownership Transparency

25 oil and gas companies in Myanmar have set a global precedent by publishing who their real owners are, said Global Witness in a new report published today.

“People need to know who is buying up their most valuable assets – this is a global first in one of the places you might least expect it,” said […]