Corporate Transparency Praised

YANGON — Newly disclosed corporate data prompted an international advocacy group to label Myanmar as a “world leader” in transparency.

Transparency watchdog Global Witness published a 30-page breakdown of 25 foreign and domestic oil and gas companies operating in Myanmar that have—upon being solicited by the group—published full or partial information about their “ultimate beneficial ownership,” which has been defined as the individual person or persons “right at the very top of the chain.”

“This is a global first in one of the places you might least expect it,” Global Witness analyst Juman Kubba said in a statement. “All over the world, corrupt politicians and crooked businessmen hide behind secret companies to steal oil, gas and mineral wealth. If Myanmar is to turn the page on a history of cronyism and corruption linked to natural resources, it has to crack this problem.”

Global Witness urged the government to maintain pressure on industry stakeholders as the country moves toward achieving global standards. Meanwhile some argued that labeling the nation as a success story may be premature.

“It is too early to say whether the Myanmar government is taking the lead on the issue of transparency,” said U Wong Aung, director of the advocacy group Shwe Gas Movement, which has devoted several years to promoting fairness in the gas and oil sector. “They have made promises, but we are still waiting for them to prove that they are committed to overcoming institutional challenges.” –Feliz

Solomon