TOKYO – Kirin Holdings, a Japanese beverage company, announced on Wednesday that its Myanmar subsidiary has won a court ruling to prevent its military-linked partner from liquidating the company.
In November, Myanmar Economic Holdings Public Company Ltd filed a petition to liquidate the business, months after Kirin announced it was suspending relations with the country following a military coup.
The Yangon West District Court’s decision will have no effect on Kirin’s consolidated results or the operations of its Myanmar Brewery Ltd business, the Japanese parent said in a statement.
Kirin has claimed that its Myanmar partner has been obstructive in negotiations to wind down the business, and in December filed an appeal with the Singapore International Arbitration Centre to stop the liquidation attempt.
Kirin executives have stated that they wish to remain participating in the Myanmar market even after exiting the collaboration.
A request for comment from Myanmar’s military regime was not immediately returned.
Source: Reuters
