DBS Group Holdings and Oversea-Chinese Banking Corp (OCBC) said in separate statements late Thursday that there was no truth in the report by EarthRights International (ERI).

Two Singapore banks have rejected a report by a US-based rights group that said Burma’s ruling junta deposited billions of dollars with them.”ERI’s report is categorically untrue and without basis,” a DBS spokesperson said in the brief statement.

A spokesperson from OCBC also rejected the report.

EarthRights International had said in a report released Thursday that energy giants Total and Chevron were propping up the Burma military regime with a gas project that allowed the junta to stash almost five billion US dollars in the two Singaporean banks.

The report said the junta had kept the revenues earned from the project off the national budget and stashed almost all of the money offshore with DBS and OCBC. continue
Singapore banks have rejected a report