"Korean firm to sell shares in Japanese pearl company partnering with Myanmar junta," 6 Nov 2023

South Korea-based private equity firm will sell its US$500 million of shares in Japanese jeweller Tasaki, which is cultivating pearls in partnership with the Myanmar junta, according to international news reports. 

The firm, MBK Partners, has hired Daiwa Securities to manage the sale. Neither Daiwa, MBK, nor Tasaki would comment on the sale, according to a November 2 Reuters article. 

Tasaki, which specialises in creating contemporary pearl jewellery harvested from its own oyster farms, operates out of Kobe, Japan, and has more than 100 outlets globally. 

It also runs a joint venture with the Myanmar military-controlled Myanmar Pearl Enterprise (MPE), which cultivates pearls under the name Myanmar Tasaki from Domae and Langan islands in the Myeik Archipelago in Tanintharyi. The businesses are worth more than $8.4m. 

The United States sanctioned MPE in April 2021, more than two months after Myanmar’s coup, stating that the company was financially contributing to the military’s violent repression of civilians.

[...] Tasaki’s relationship with MPE has continued despite international restrictions and criticism from rights and advocacy groups including Justice for Myanmar, which has accused the Japanese company of supporting the junta by maintaining ties with its business partners. 

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