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WIRE:05/04/2000 08:22:00 ET
Myanmar Supreme Court dimisses opposition appeal YANGON, May 4 (Reuters) - Myanmar's Supreme Court on Thursday
dismissed an appeal by the opposition National League for Democracy (NLD)
concerning law suits it brought against the country's military rulers for
abuse of power.
The NLD filed the complaints against the director-general of the National Intelligence Bureau, Home Minister Colonel Tin Hlaing, Information Minister Major-General Kyi Aung and election commission chairman Ba Htay. NLD sources also said the complaints were directed against military
intelligence chief Lieutenant-General Khin Nyunt, considered the most
powerful figure in the military government.
The beleaguered party accuses the leaders of illegally detaining NLD
members, forcing them to resign from the party and of organising mass
rallies to denounce elected representatives.
The Supreme Court first dismissed the complaints last October.
Thursday's appeal was heard and rejected by two judges.
The NLD, led by Nobel Peace laureate Aung San Suu Kyi, won Myanmar's
last election in 1990 by a landslide but the military ignored the result
and has since tried to silence dissent through arrests and
intimidation.
The NLD estimates there are 2,000 political prisoners in Myanmar,
most of them its members.
As a final resort, the party can still appeal to the Chief Justice of
the Supreme Court against the ruling on the complaints, but analysts see
no chance of it succeeding.
Last month state-controlled newspapers threatened the NLD with a ban
and its members with jail for bringing the law suits but said this should
not be taken as an act of intimidation. WIRE:05/03/2000 18:28:00
ET
Calif. plan would bar investments in six countries SAN FRANCISCO (Reuters) - California's treasurer has called for the
nation's largest pension fund to follow tighter economic, human rights and
political standards when investing overseas, in a proposal that would
effectively bar the fund from investing in six countries, including Brazil
and Egypt.
The proposal by California Treasurer Phil Angelides would strengthen the standards the giant California Public Employees' Retirement System, or Calpers, uses when making debt or equity investments in emerging markets. The new criteria also would forbid investments in Indonesia, Malaysia, Peru and Turkey. The stakes are high for the $172 billion pension fund, which already
bars stock purchases in 15 countries, including Colombia, India and
Russia.
Egypt was on the prohibited list but Calpers staff last June
recommended allowing equity investment there. Officials at consulates of
the six countries could not be reached immediately for comment.
At the end of 1999, Calpers had about a $608 million equity
investment in the six countries and a total of $2.5 billion in emerging
markets overall.
Under the proposal, Calpers would be expected to sell off its
holdings in those countries, although there were no details or timetable
for those divestments.
"Strong standards are critical to protect Calpers, its members and
taxpayers against investments in countries where the political, economic,
or societal climate could lead to adverse financial results," Angelides
wrote in a report he presented to the Calpers investment committee this
week.
The proposal, which would require countries to meet more stringent
financial criteria based on factors such as exchange rate stability and
income distribution, wades into the debate of whether public investment
should be also be subject to social concerns.
The plan includes a screening process to establish that countries
have political freedom and essential civil liberties, basic worker rights
and a free press. Angelides argues these factors are crucial to the
stability of a country and key in sustained economic development and
growth.
"A free press is necessary to gauge and monitor the risks of specific
investments, as well as countries as a whole," Angelides said.
The plan, however, does allow for exceptions if there are signs the
country is a prudent investment. It also seeks to extend the pension
fund's corporate governance activism to include firms doing business in
emerging markets in which Calpers invests.
Critics charged, however, that the plan was troubling because it
allows state officials to delve into foreign policy and might not serve
the best interests of pensioners.
"This is clearly an attempt by an elected official in the state of
California to shape foreign policy," said Gary Hufbauer, a senior fellow
at the Institute for International Economics in Washington.
"If I were a pensioner depending on Calpers, I would be very troubled
because this is basically political policy masquerading as investment
policy."
Emerging markets traditionally hold more risk for pension funds such
as Calpers, but offer potentially large returns.
According to Angelides, this is not always the case. His report says
the pension fund's annualized three-year returns ending Dec. 31 were minus
28.7 percent in Indonesia, minus 24.4 percent in Malaysia and minus 25.1
percent in the Philippines.
Calpers is scheduled to discuss the plan when its investment
committee meets May 15. Angelides also will make a similar proposal later
this year for the State teacher's system, which has $2.44 billion invested
in emerging markets.
Meanwhile, the U.S. Supreme Court is weighing the 1996 Massachusetts
Burma Act, which sought to limit purchases from companies that do business
with Myanmar, formerly called Burma.
A decision in the case, expected by the end of June, could have
far-reaching implications as a number of other states or cities adopted
similar measures in the 1980s and 1990s involving Myanmar and other
foreign nations.
Wednesday, May 3 1:56 PM SGT
Myanmar Min: Asean,EU Mtg Won't Happen Without MyanmarYANGON (AP)--A long-delayed ministerial meeting between the Association of Southeast Asian Nations and the European Union won't take place without Myanmar, the military state's foreign minister said Wednesday.Minister Win Aung told a press briefing at the foreign ministry in Yangon that Asean wouldn't discriminate against one of its own members by agreeing to a formula for the meeting that would sideline Myanmar. Myanmar is ostracized by the West because of the ruling military regime's human rights record and refusal to cede power to the party of Nobel Peace Laureate Aung San Suu Kyi after it swept general elections in 1990. High-level EU-Asean meetings have been canceled since Myanmar was admitted into the Southeast Asian grouping in 1997. The E.U. nations opposed Myanmar's entry into Asean and refuse to sit at the same table as top Myanmar officials. "The Asean-E.U. meeting didn't take place last year as scheduled because of the E.U. stance on Myanmar," Win Aung said. "We are now targeted with visa restrictions. If there is no visa, I won't attend the meeting and Asean won't go without one of its members." Under a sanction first imposed in 1996, the E.U. doesn't grant visas to senior officials of the Myanmar regime. Yet E.U. ministers "reaffirmed the importance" they attach to good relations with Asean and proposed a ministerial meeting with Asean nations later this year, although it wasn't clear how the diplomatic obstacles could be overcome to make it happen. Asean Secretary General Rodolfo Severino said "the prospects are becoming brighter" for a meeting of E.U. and Asean foreign ministers. "Several options are being considered and there has been an improvement in the atmosphere," he told a press conference in Yangon Monday. Bangkok Post - May 4, 2000.Karen renegades release two Thais
Tak-The pro-Rangoon Democratic Karen Buddhist
Army yesterday freed two Thai hostages in return for a ransom of more than
300,000 baht. Somkid Tita, 37, a forestry official, was set free on an islet in the Moei
river opposite Ban Tha-art. His 64-year-old father Tunjeng and his wife Somsoi, 28, met the Karen
kidnappers on the islet to pay 202,500 baht for the return of Mr Somkid without
being accompanied by officials. Pichai Vijitthai, a currency dealer, was released on the islet after a woman
identified as Arunee Bainana paid 100,000 baht to the Karen guerrillas. Mr Pichai, who was abducted in Myawaddy on Tuesday with 250,000 baht in kyat,
said his captors had kept him chained in a pit. |