"A new listing on the Yangon Stock Exchange (YSX) Thursday morning risks further funding public corruption and supporting the military’s “ongoing war crimes,” experts and rights group warn. On Thursday, Ever Flow River Group (EFRG) will become the YSX’s sixth publicly-listed company. EFRG operates a joint venture company with Lann Pyi Marine - a subsidiary of the military conglomerate Myanma Economic Holdings (MEHL) - called Hlaing Inland Terminal and Logistics (HITLC). HITLC is building a $43m inland port in Yangon’s Hlaing Tharyar township between the Aung Zeya and Shwe Pyi Thar bridges. The site is still under construction and not generating income for EFRG or its partners yet, but capital raised at the exchange may speed up that process. EFRG is financing the project and will hold 49% equity in HITLC while Lann Pyi Marine is providing land for 51% equity. According to disclosure documents EFRG provided to YSX, the project will include customs clearance and customs-bonded facilities. Retired brigadier-general and MEHL director Kyaw Htin is the director general of Myanmar’s customs department and retired major Ni Aung, another MEHL director, is the managing director of the Myanma Port Authority, the federal port regulatory body. Kyaw Htin and Ni Aung “will be directly profiting from their public positions through MEHL’s business” with EFRG, the rights group Justice for Myanmar said in a statement Monday. “The inclusion of a customs-bonded warehouse, customs clearance and port services within the project adds heightened corruption risk.”..."