AUS
NZ
UK
CA
USA
IND
Summary
- NZ Super Fund is the government’s saving vehicle and act as an aid for people over 65 years.
- Kiwi Super Fund has invested huge amount, nearly NZ$100 million, into many companies that have a connection with Myanmar's military, which is committing atrocities on protestors challenging the military regime.
- Super Fund’s spokesperson stated that the matter was being investigated.
The New Zealand Super Fund is the sovereign wealth fund of New Zealand. It is managed by the Crown, which is regarded as the Guardians of the NZ Super Fund.
Source: Copyright © 2021 Kalkine Media
As per the latest reports, the NZ Super Fund has infused huge investments into a company that had equipped the Myanmar military with combat aircraft.
In fact, Super Fund has invested about NZ$100 million in 24 companies that are linked to the turbulent country. Out of these, 14 companies are linked to the Myanmar state agencies under military dominance.
Do Read: Myanmar Military Temporarily Shutters Facebook Access
It is pointed out that Super Fund has a long-standing investment in the Aviation Industry Corporation of China which in 2018, had supplied warfare aircraft worth NZ$686 million along with missiles to Myanmar's junta.
Another noticeable holding of the NZ Super Fund with NZ$24-million investment is KDDI Myanmar, a telecommunications company, which is mostly governed by the military ever since the start of February 2021 unrest in the country.
Source: Copyright © 2021 Kalkine Media
Myanmar Under Turmoil
Myanmar is facing a turbulent time. The country is facing an unrest since February 2021. The country’s leader, Aung San Suu Kyi, is under house arrest, and the military had opened fire on demonstrators who took to the streets to launch a protest against the junta.
Must Read: Myanmar Coup Explained: Here’s What Exactly Happened
Super Fund’s Investment Questionable
Golriz Ghahraman, an MP from the left-wing Green Party, criticised the New Government’s holding in such a company, stating the investment needs to be stopped as the said funds are not being used for any constructive purpose, but to commit acts of cruelty against the citizens of Myanmar.
Ghahraman reiterated that the NZ Super Fund was accountable to the citizens of New Zealand and hence the investments made by it should be made public. He further added that the Fund should not invest in any unlawful activity and was governed by the law.
Must Read: Guardians of NZ Superannuation appoints for key positions
Super Fund Yet To Confirm Its Holdings’ Links With Myanmar Military
However, Super Fund has not validated the connection of the above-mentioned 24 companies with Myanmar's junta. Its representative stated that a study was being carried out to ascertain the connection with the military.
