PRESS RELEASE AUGUST 19, 2024 with the office of the quartermaster general. Jewellery Luck Group of Companies owns 30% of Golden Land Real Estate Development. The group also finances the junta through teak purchases from the junta controlled Myanma Timber Enterprise, according to Justice For Myanmar sources. Under the sale, ETC will discharge itself from a loan facility between Golden Land Real Estate and the international banks ICBC of China, E.SUN of Taiwan, and the Myanmar crony bank, KBZ, which will continue to be exposed to the financing of the Myanmar military through the Golden City project. Banks should end their business with the Myanmar military and its associates or risk their funds or assets being frozen in domestic and transnational money-laundering investigations and prosecutions, especially by the United States. Justice For Myanmar spokesperson Yadanar Maung says: “It is unacceptable that ETC can continue operating in Singapore while financing a genocidal military that is murdering children, bombing schools and clinics, and displacing millions. “Through this continued funding to the Myanmar army, ETC is complicit in ongoing war crimes and crimes against humanity. “It’s time for Singapore to do more to block its companies from providing the murderous junta with funds, arms, technology and jet fuel. “We urge governments, including Singapore, to impose sanctions on the junta and its businesses. Governments should also sanction Jewellery Luck Group, ETC’s Myanmar partner, for its continued business with the junta.” More information: Read our February 2021 report into Golden City here Read the legal memo here Read ETC’s latest financial disclosure here Justice For Myanmar is covert group of activists using research, data visualisation and reporting to expose the companies and criminals profiting from brutality, war crimes and mass-scale suffering. media@justiceformyanmar.org | https://www.justiceformyanmar.org/ https://x.com/justicemyanmar | https://www.facebook.com/justiceformyanmar.org/ 3