Our investigation revealed that Swedish public pension funds have invested in companies that enable the junta’s repression of the people of Myanmar. Now, AP7 is taking steps to divest from some of these companies.
Justice for Myanmar, Fair Finance Guide and the Swedish Burma Committee welcome that AP7 divests from four companies with links to the military junta
Joint statement, Stockholm, 9 December 2025
The Seventh Swedish National Pension Fund (AP7) has announced that it is divesting from the Indian arms manufacturers Bharat Electronics Limited (BEL) and Hindustan Aeronautics Limited (HAL), which have sold weapons to the military in Myanmar. In addition, the funds is also divesting from the Thai oil company PTT Exploration & Production PCL and the Japanese investment company Sumitomo Corp, both of which have questionable business relationships with the military junta.
– We welcome the decision to divest from these companies. Swedish pension money should not be invested in companies that sell weapons to or support the military junta in Myanmar, says Yadanar Maung, spokesperson for Justice For Myanmar. AP7 must now move forward and take action against all companies identified in our investigation and ensure that no investments are made in companies that arm or finance Myanmar’s illegitimate junta.
The four companies were recently singled out in a joint investigation by Justice For Myanmar, Fair Finance Guide and the Swedish Burma Committee, which showed that the public pension funds invest SEK 4.6 billion in companies that support the military junta in Myanmar. AP7, where six million Swedes have their pension savings, has by far the largest investments in these companies.
The fund also announced that it is introducing a new risk-based approach when it comes to assessing companies that are criticised for serious abuses and environmental destruction. This would mean that it can act in many more cases where companies are singled out.
– It is a welcome change and a prerequisite for landing on the right track in sustainability work. Now the fund must take action and act against the other companies that support the brutal junta in Myanmar, says Jakob König at Fair Finance Guide.
We urge the Seventh Swedish National Pension Fund to live up to its commitments regarding human rights and immediately act to cut all ties to the military in Myanmar. The fund should require that the companies it invests in end all business relationships with the junta. If the companies are not willing to end their business relationships with the junta, the fund should divest its holdings in these companies.
– We welcome today’s announcement. I also hope that the Swedish government will reconsider the decision to phase out aid to the democracy movement in Myanmar. Swedish money should not go to companies that support the military junta, what we should do is support those who risk their lives standing up to the junta and fighting for democracy, says Kristina Jelmin, executive director at the Swedish Burma Committee.
Read the full investigation here (in Swedish).