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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Group says Myanmar hid billions in gas revenues By GRANT PECK,Associated Press Writer AP - Friday, September 11 BANGKOK - An environmental activist group accused Myanmar's ruling military junta on Thursday of hiding about $4.8 billion in unreported earnings from natural gas projects with foreign oil companies in overseas banks. ADVERTISEMENT EarthRights International _ which links human rights to environmental issues _ said in a report that the revenues from the Yadana gas pipeline project were being kept in two Singaporean banks _ the Overseas Chinese Banking Corp. and DBS Group _ instead of going into the national budget of Myanmar, also known as Burma. "The military elite are hiding billions of dollars of the peoples' revenue in Singapore while the country needlessly suffers under the lowest social spending in Asia," said Matthew Smith, a principal author of the report. "The revenue from this pipeline is the regime's lifeline and a critical leverage point that the international community could use to support the people of Burma," he added. A DBS official rejected the allegations. "ERI's report is categorically untrue and without basis. DBS does not have any involvement with the Yadana project," said the official, who asked not to be identified, citing policy. Comment was not immediately available from OCBC. Basing its findings in part on a confidential International Monetary Fund report it obtained, EarthRights International said since production began in 2000, Total and Chevron's Yadana gas pipeline has generated an estimated $4.83 billion in revenue for Myanmar's government. However, the regime listed just $29 million for its gas earnings, leaving about $4.8 billion unaccounted for, it said. The report said the difference was hidden by using a fixed official foreign exchange rate rather than the free market exchange rate that is normally used for most commercial transactions. The Washington-based group, in separate report also released in Thailand, reiterated accusations that Total and Chevron were complicit in abuses by Myanmar's authoritarian regime through their investments in the Yadana project. Myanmar's junta is the target of economic and political sanctions by the United States and other nations because of its poor human rights record and failure to hand over power to a democratically elected government. The United States bans new investment, but Chevron's stake predated the sanctions. "Total and Chevron claim abuses have stopped in connection to their project but it's simply untrue," said Naing Htoo, an EarthRights International program coordinator. "Forced labor, killings and other abuses are being committed by Total and Chevron's security forces while the companies mislead and lie to the international community about their impacts." Both Total and Chevron have in the past been accused of responsibility for human rights abuses related to the pipeline. Both oil companies have said they were not connected to any abuses in Myanmar. Total spokesman Paul Floren in Paris reserved comment until after reading the report. "We are examining the report and when we are finished examining it, we will react," Floren said. Calls late Thursday to Chevron's headquarters in California were directed to voicemail. In the oil company's last press releases about its Myanmar operation, in October 2007, it said that selling its interest would not affect the government's operations or profits, and that the company's local development programs there "help improve the lives of the people they touch and thereby communicate our values, including respect for human rights." An e-mail request for comment to Myanmar's government spokesman was not immediately answered. ___ On the Net: EarthRights International: http://www.earthrights.org/home.html Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business Chinese govt to help finish Revel's AC casinoAP - Friday, September 11 Shares of Globecomm fall after profit declineAP - Friday, September 11 Wall Street rises after outlooks, auctionReuters - 2 hours 45 minutes ago FACTBOX-Big potential in mostly untapped Cuba telecom marketReuters - Friday, September 11 PerkinElmer gets contract for satellite workAP - Friday, September 11 Most Popular – Business Viewed Greenspan says further financial crisis 'inevitable' Refurbished Hubble reveals cosmic wonder Giant statues reveal red hat secrets: study OPEC holds oil output unchanged: statement Anti-piracy equipment dazzles defence fair View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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