[Date Prev][Date Next][Thread Prev][Thread Next][Date Index ][Thread Index ]

BAN ON NEW US INVESTMENT IN BURMA C



Subject:       BAN ON NEW US INVESTMENT IN BURMA COMES INTO FORCE

============================================================
     Ban on New US investment in Burma comes into force
============================================================

Bangkok,  May 21: A ban on new US investments in Burma took
effect  on  Wednesday,  just  as  a new  crackdown  by that
nation's  military  rulers on  pro-democracy  activists was
reported from Rangoon.

President  Clinton's executive order starting the sanctions
was  signed  in  Washington  on  Thursday,   the  President
announced  the sanctions  on April 22,   because of Burma's
increased repression of its democracy movement.  Mr Clinton
also accused Burma of being the world's leading producer of
opium and heroin.

The  order,   however,  appears  to  allow US  companies to
continue  wide  range  of business  activities  with Burma,
including  any actions  they need to  implement an existing
contract  or  to  exercise options  signed  before  May 21.

The  order also doesn't prohibit US companies from entering
into  or financing  Burmese contracts  for the  purchase or
sale of goods, services or technology.

However,   US companies  cannot be  paid for  such goods or
services  with shares of  ownership in or  profits from any
new  investment,  according  to  the  order.  Due  to  huge
investment in the oil and gas sector, companies from the US
rank fourth in Burma By country of origin.

Several United States companies had announced suspension of
activities   in   Burma   after   fast   month's  sanctions
announcement.

The  oil company,  Uncal,  the  biggest foreign company and
Burma  being from the United States,  said it was giving up
developing  two  new  natural  gas  fields  because  of the
sanctions. (AP)

                The Asian Age 22 May 1997. 
 News and Information Bureau, All Burma Students  League.  
 **************************(THE END)***********************

************************( End )****************************

    +=====================================+
    |  A  B  S  L                         |
    +-------------------------------------+
    |  All Burma Students League          |
    |  3, Krishna Menon Marg              |
    |  New Delhi - 110011                 |
    |  Ph    : 91-11-3017172/3016035      |
    |  Fx    : 91-11-3793397              |
    |  Email : shar@xxxxxxxxxxxxxxxxxxx   |
    +=====================================+