Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    ;
    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Investing > Norway’s Telenor says Myanmar unit sale plan followed junta’s pressure on surveillance tech
    Investing

    Norway’s Telenor says Myanmar unit sale plan followed junta’s pressure on surveillance tech

    Norway’s Telenor says Myanmar unit sale plan followed junta’s pressure on surveillance tech

    Published by maria gbaf

    Posted on September 16, 2021

    Featured image for article about Investing

    By Fanny Potkin

    SINGAPORE (Reuters) -Norwegian telecom firm Telenor is selling its Myanmar operations to avoid European Union sanctions after “continued pressure” from Myanmar’s military junta to activate intercept surveillance technology, the company’s Asia head told Reuters.

    Telenor announced in July it would sell its Myanmar unit to Lebanese investment firm M1 Group for $105 million, prompting an outcry from activists in the country who have been relying on its services for communications.

    A Reuters investigation https://www.reuters.com/world/asia-pacific/how-myanmars-military-moved-telecoms-sector-spy-citizens-2021-05-18/?fbclid=IwAR3aulnAJ4kejAnvf80rWhJHzmaFQxrBs5qKDivQzbL-4TNJfI62siFD6K0 in May found telecom and internet service providers in Myanmar had been secretly ordered in the months before the junta’s Feb. 1 coup to install invasive technology that would allow the army to freely eavesdrop on the communications of citizens.

    “Since the military took over, it’s been clear for us that our presence will require Telenor Myanmar to activate intercept equipment and technology for the use of Myanmar authorities,” Asia head Jørgen Rostrup said in an interview.

    Allowing the activation of the intercept technology would break the 2018 EU arms embargo against the Southeast Asian country, the executive added, stressing the need for legal or regulatory safeguards in Myanmar to protect human rights.

    “Telenor Myanmar has not activated the equipment as of yet and will not do so voluntarily,” he said. He declined to comment on whether the intercept technology had been installed at Telenor’s operations in Myanmar.

    Rostrup’s comments represent the first time Telenor has addressed the impact of the intercept on its strategy since the junta seized power.

    A spokesman for the Myanmar military did not answer calls for comment. Norway’s industry ministry declined to comment, saying the sale of the unit was a decision for Telenor’s board and management to make.

    Many governments allow for what are commonly called ‘lawful intercepts’ to be used by law enforcement agencies to catch criminals. But in most democratic countries and even some authoritarian regimes, the technology is not ordinarily employed without any kind of legal process, cybersecurity experts say.

    Myanmar activists have called for Telenor to halt or delay the sale. But Rostrup said Telenor felt it had no choice but to withdraw from the country as respecting the EU embargo meant it could not ensure the safety of its employees and allowing the intercept to be activated would be “a complete breach of our values and principles”.

    Reuters reported in July that senior executives at major telecommunications firms in Myanmar have been told by the junta that they must seek special authorisation to leave the country. The travel ban was followed by a second order instructing telecom firms to fully activate the intercept.

    Telenor declined to comment on the travel ban.

    Rostrup said Telenor had chosen M1 after finding it had “no direct relationships with authorities or the military in Myanmar”.

    The deal was submitted to Myanmar authorities for regulatory review recently, he said, adding that the process is expected to take 60 days.

    Myanmar rights group told Reuters they believe the telecom is not doing enough.

    “Telenor is trying to skirt its human rights responsibilities,” said Justice for Myanmar spokesperson Yadanar Maung.

    “Telenor must cancel the sale and come up with an exit strategy that does not risk the lives of the many Myanmar people who are struggling against the junta”.

    Prior to the coup, Telenor had been one of the largest foreign investors in the country with its Myanmar operations accounting for 7% of its total earnings last year. It wrote off its $783 million investment in its Myanmar unit in May.

    (Reporting by Fanny Potkin; Additional reporting by Gwladys Fouche in Oslo; Editing by Edwina Gibbs)

    By Fanny Potkin

    SINGAPORE (Reuters) -Norwegian telecom firm Telenor is selling its Myanmar operations to avoid European Union sanctions after “continued pressure” from Myanmar’s military junta to activate intercept surveillance technology, the company’s Asia head told Reuters.

    Telenor announced in July it would sell its Myanmar unit to Lebanese investment firm M1 Group for $105 million, prompting an outcry from activists in the country who have been relying on its services for communications.

    A Reuters investigation https://www.reuters.com/world/asia-pacific/how-myanmars-military-moved-telecoms-sector-spy-citizens-2021-05-18/?fbclid=IwAR3aulnAJ4kejAnvf80rWhJHzmaFQxrBs5qKDivQzbL-4TNJfI62siFD6K0 in May found telecom and internet service providers in Myanmar had been secretly ordered in the months before the junta’s Feb. 1 coup to install invasive technology that would allow the army to freely eavesdrop on the communications of citizens.

    “Since the military took over, it’s been clear for us that our presence will require Telenor Myanmar to activate intercept equipment and technology for the use of Myanmar authorities,” Asia head Jørgen Rostrup said in an interview.

    Allowing the activation of the intercept technology would break the 2018 EU arms embargo against the Southeast Asian country, the executive added, stressing the need for legal or regulatory safeguards in Myanmar to protect human rights.

    “Telenor Myanmar has not activated the equipment as of yet and will not do so voluntarily,” he said. He declined to comment on whether the intercept technology had been installed at Telenor’s operations in Myanmar.

    Rostrup’s comments represent the first time Telenor has addressed the impact of the intercept on its strategy since the junta seized power.

    A spokesman for the Myanmar military did not answer calls for comment. Norway’s industry ministry declined to comment, saying the sale of the unit was a decision for Telenor’s board and management to make.

    Many governments allow for what are commonly called ‘lawful intercepts’ to be used by law enforcement agencies to catch criminals. But in most democratic countries and even some authoritarian regimes, the technology is not ordinarily employed without any kind of legal process, cybersecurity experts say.

    Myanmar activists have called for Telenor to halt or delay the sale. But Rostrup said Telenor felt it had no choice but to withdraw from the country as respecting the EU embargo meant it could not ensure the safety of its employees and allowing the intercept to be activated would be “a complete breach of our values and principles”.

    Reuters reported in July that senior executives at major telecommunications firms in Myanmar have been told by the junta that they must seek special authorisation to leave the country. The travel ban was followed by a second order instructing telecom firms to fully activate the intercept.

    Telenor declined to comment on the travel ban.

    Rostrup said Telenor had chosen M1 after finding it had “no direct relationships with authorities or the military in Myanmar”.

    The deal was submitted to Myanmar authorities for regulatory review recently, he said, adding that the process is expected to take 60 days.

    Myanmar rights group told Reuters they believe the telecom is not doing enough.

    “Telenor is trying to skirt its human rights responsibilities,” said Justice for Myanmar spokesperson Yadanar Maung.

    “Telenor must cancel the sale and come up with an exit strategy that does not risk the lives of the many Myanmar people who are struggling against the junta”.

    Prior to the coup, Telenor had been one of the largest foreign investors in the country with its Myanmar operations accounting for 7% of its total earnings last year. It wrote off its $783 million investment in its Myanmar unit in May.

    (Reporting by Fanny Potkin; Additional reporting by Gwladys Fouche in Oslo; Editing by Edwina Gibbs)

    Related Posts
    Why Financial Advisors Are Rethinking Gold Allocations
    Why Financial Advisors Are Rethinking Gold Allocations
    From Opaque to Investable: Yaniv Bertele's Blueprint for Transparent Alternatives
    From Opaque to Investable: Yaniv Bertele's Blueprint for Transparent Alternatives
    Private Equity Needs AI Advocates
    Private Equity Needs AI Advocates
    Understanding the Global Impact of Rising Medical Insurance Premiums on the Middle Class
    Understanding the Global Impact of Rising Medical Insurance Premiums on the Middle Class
    The New Model Driving Creative Investment in University Innovation
    The New Model Driving Creative Investment in University Innovation
    The return of tangible assets in modern portfolios
    The return of tangible assets in modern portfolios
    Retro Bikes And Insurance: What You Should Know?
    Retro Bikes And Insurance: What You Should Know?
    Top Stocks Powering the AI Boom in 2025
    Top Stocks Powering the AI Boom in 2025
    How often should you update your estate plan? The events that demand a refresh
    How often should you update your estate plan? The events that demand a refresh
    Top 5 Mutual Funds in the UAE: Performance, Features, and How to Invest
    Top 5 Mutual Funds in the UAE: Performance, Features, and How to Invest
    How One Investor Learned to Find Value Through a Wider Lens
    How One Investor Learned to Find Value Through a Wider Lens
    Freedom Holding Corp’s Global Rise: Why Institutional Investors Are Betting Big
    Freedom Holding Corp’s Global Rise: Why Institutional Investors Are Betting Big

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    Previous Investing PostFrance’s Antin Infrastructure sets IPO price range at 20-24 euros
    Next Investing PostInvestor group sets tough climate blueprint for Big Oil

    More from Investing

    Explore more articles in the Investing category

    Pro Visionary Helps Australians Strengthen Their Financial Resilience Through Licensed Wealth Strategies

    Pro Visionary Helps Australians Strengthen Their Financial Resilience Through Licensed Wealth Strategies

    How ZenInvestor Is Breaking Down Barriers to Financial Literacy and Empowering Everyday Investors Nationwide

    How ZenInvestor Is Breaking Down Barriers to Financial Literacy and Empowering Everyday Investors Nationwide

    Edward L. Shugrue III on Returning to the Office: A Cultural Shift and Investment Opportunity

    Edward L. Shugrue III on Returning to the Office: A Cultural Shift and Investment Opportunity

    How Private Capital Can Build Public Good

    How Private Capital Can Build Public Good

    Private Equity Has a Major Speed and Capacity Problem

    Private Equity Has a Major Speed and Capacity Problem

    Navigating AI Investing Tools: Wealth Management Disruption Ahead

    Navigating AI Investing Tools: Wealth Management Disruption Ahead

    MTF Trading Explained: What It Is, How It Works, and Key Benefits

    MTF Trading Explained: What It Is, How It Works, and Key Benefits

    Private Equity Has Trust Issues With AI

    Private Equity Has Trust Issues With AI

    Merifund Capital Management on FTSE 100 Gains

    Merifund Capital Management on FTSE 100 Gains

    Sycamine Capital Management sets outlook on Japan equities

    Sycamine Capital Management sets outlook on Japan equities

    Claiming Back German Pension Contributions: What You Need to Know

    Claiming Back German Pension Contributions: What You Need to Know

    Institutional Crypto Adoption: Navigating the Maze of Regulation, Investor Access, and Operational Complexity

    Institutional Crypto Adoption: Navigating the Maze of Regulation, Investor Access, and Operational Complexity

    View All Investing Posts