Press Release
July 10, 2024

Myanmar pearl company TASAKI and investors risk complicity inMyanmar military junta’s international crimes
TASAKI must responsibly end all business with the sanctioned entity
Myanmar Pearl Enterprise.

Mekong Watch and Justice For Myanmar have sent letters dated June 11, 2024 to TASAKIand its potential investors FountainVest Partners and Unison Capital, raising concerns overTASAKI’s continuing partnership with Myanmar Pearl Enterprise (MPE), a US, UK, andCanadian sanctioned state-owned enterprise illegally controlled by the Myanmar military junta.
The Myanmar military continues to commit war crimes and crimes against humanity with total
impunity, relying on revenue from MPE and other junta-controlled entities. The twoorganizations urged TASAKI to responsibly end all business with MPE.
The letter inquired whether TASAKI, a luxury jeweler founded in Japan, has performed humanrights due diligence since the military’s coup attempt, the results of that due diligence and what
measures TASAKI has taken in response. The two organizations further urged TASAKI topublicly disclose its transactions with MPE and other junta-controlled entities since February
1, 2021.
MYANMAR TASAKI Co., Ltd, a subsidiary of TASAKI & Co., Ltd, has been in a business
partnership with MPE since 1997 through a production sharing contract under a license
granted by the now junta-controlled Ministry of Natural Resources and EnvironmentalConservation. MYANMAR TASAKI was the largest producer of pearls at almost eleven billion
MMK (over US$8 million at the time) worth of pearls in 2017-2018, the year with the mostrecently published data available.
According to the TASAKI’s website, it has stores in Australia, China, France, Japan, HongKong, South Korea, Singapore, Taiwan, UK and USA among others.
The military junta benefits from revenues generated through the pearl industry, including
through a production sharing agreement under which MPE reportedly receives 20-25% of thepearls harvested, as well as through customs duties, other taxes and the transfer of technologythat can support further production.
According to Bloomberg, FountainVest Partners and Unison Capital are jointly intending topurchase TASAKI & Co., Ltd.
Since February 1, 2021 when the Myanmar military attempted a coup, it has been committing
war crimes and crimes against humanity with total impunity including deliberate killings,
arbitrary arrests, torture, indiscriminate airstrikes, and the destruction of civilian property,
displacing more than 3 million people across the country.

Despite grave concerns that the military is committing these crimes relying on revenue from
MPE and other junta-controlled entities, TASAKI did not disclose any information by therequested deadline on July 5, 2024.
Yuka Kiguchi, Director of Mekong Watch, said, “Under the OECD Guidelines and the UN
Guiding Principles, TASAKI has a responsibility to respect human rights and are therefore
required to exercise human rights due diligence to identify and prevent, mitigate and accountfor adverse human rights impacts. As a global company founded in Japan, TASAKI is failingto take up their responsibility to respect human rights and disclose important information thataffects the lives of the people of Myanmar. TASAKI should end their partnership with MPE orrisk complicity in the military’s international crimes.”
Yadanar Maung, Justice for Myanmar’s spokesperson, said, “By continuing its partnershipwith the MPE, TASAKI is providing the Myanmar military with a source of revenue that it uses
to procure the weapons and jet fuel it needs to commit war crimes and crimes against humanity.
Potential investors should use their leverage to ensure TASAKI responsibly divest fromMyanmar, or they risk contributing to the military’s international crimes. We call on TASAKI tostop selling blood pearls and finally end its business with the junta, which is a terrorist
organization.”
Please refer to the letters linked below for further details.
[ENG] “Re: Inquiry regarding TASAKI’s business partnership with sanctioned entity Myanmar
Pearls Enterprise” dated June 11, 2024. Sent to TASAKI.
http://www.mekongwatch.org/report/burma/mbusiness/inquiryTASAKI2024Jun/Q_20240611_TASA
KI_Eng.pdf[Japanese]「【質問】貴社と経済制裁対象であるミャンマー真珠公社との取引関係について」（2024 年 6 月 11 日付。株式会社 TASAKI に送付）
http://www.mekongwatch.org/report/burma/mbusiness/inquiryTASAKI2024Jun/Q_20240611_TASA
KI_Jp.pdf[ENG] “Re: Inquiry regarding human rights due diligence in relation to TASAKI’s business
partnership with sanctioned entity Myanmar Pearls Enterprise” dated June 11, 2024. Sent toUnison Capital, Inc.; Unison Capital Management Pte. Ltd; and FountainVest Partners.
http://www.mekongwatch.org/report/burma/mbusiness/inquiryTASAKI2024Jun/Q_20240611_FVP_UC_Eng.pdf[Japanese] 「【質問】TASAKI と経済制裁対象であるミャンマー真珠公社との取引関係に関する人権デューデリジェンスについて」（2024 年 6 月 11 日付。ユニゾン・キャピタル株式会社、Unison
Capital Management Pte. Ltd.、FountainVest Partners に送付）
http://www.mekongwatch.org/report/burma/mbusiness/inquiryTASAKI2024Jun/Q_20240611_FVP_UC_Jp.pdf

ContactYuka Kiguchi, Mekong Watch: contact@mekongwatch.org
Yadanar Maung, Justice For Myanmar: media@justiceformyanmar.org