KS Park’s Presentation at Open Net’s November 18, 2021 Seminar on POSCO International and Myanmar democracy, showing that POSCO International contributes 6~12% of Tatmadaw’s slush fund estimated at USD 1.9 Billion:
POSCO military connection(eng)
Summary:
-
POSCO International’s annual monetary contribution to MOGE: USD170~340M
(to Govt (incl. MOGE): USD 200~400M)
- 1.7~3.5% of total Myanmar government revenue, USD 11.5B in 2020
- 13~26% of MOGE’s total revenue USD 1.3B in 2021
- Assume 70% of MOGE’s revenue in “Other Accounts” –> POSCO Int’l’s contribution: USD 119~238M
- MEHL dividends for 20 years USD 18Ba –> average USD 1B
- Military’s total slush fund annually = MEHL’s dividends USD 1B + MOGE “Other Accounts” USD 0.91B = USD 1.91B
POSCO International’s contribution to Military’s slush fund: 6~12%
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