Kirin Holdings is seeking international arbitration at the Singapore International Arbitration Centre regarding the dissolution of its joint venture with a Myanmar military-linked company. In line with our firm commitment to the end of the joint-venture partnership, Kirin Holdings has decided to file for arbitration in order to make sure the process is fair and just, the company said on Monday.
The arbitration was filed by the Singapore subsidiary of Kirin.
Kirin's partner, Myanma Economic Holdings Public Company Limited MEHPCL, filed a petition at a court in Myanmar last month to liquidate the venture, a move that Kirin called an unjustified motion that disregarded the terms of their contract and violated local Myanmar laws.
The Japanese beverage company has obtained an injunction ordering the suspending of the petition from Singapore's high court and said it will request the dismissal of the petition.
Kirin was cutting ties with its military-linked partner in Myanmar after the army ousted the democratically elected government in February. Kirin executives said they wanted to stay involved in the Myanmar market.