Banks deny holding Myanmar cash

Singapore banks deny claims Myanmar keeps billions of dollars in accounts with them.

    The Myanmar military government has earned billions from gas projects in the country [AFP]

    False interpretations

    "Total and Chevron's Yadana gas project has generated 4.83 billion dollars for the Burmese regime," one of the reports said, adding the figures from 2000-2008 were the first-ever detailed account of the revenues.

    "The military [government] are hiding billions of dollars of the peoples' revenue in Singapore while the country needlessly suffers under the lowest social spending in Asia," Smith, told AFP news agency.

    But a DBS spokesperson said in the statement: "ERI's report is categorically untrue and without basis."

    A spokesperson from OCBC also rejected the report.

    French energy company Total also rejected the report, saying that the document was had numerous errors and contained false interpretations.

    SOURCE: Al Jazeera and agencies


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