Volkswagen says audit finds no sign of forced labour at Xinjiang site
German carmaker Volkswagen has rejected a request from Chinese lawyers to investigate claims of forced labour at its jointly owned plant in Xinjiang, which has been accused of human rights abuses in the Chinese state of Xinjian, state media report. Financial analysts have warned that the firm is not allowed to buy back shares. The BBC s Kunis reports. The chief financial officer Markus Loening explains what it says is going to be the latest step to remove Volkswagens stock from their portfolios, after the company said it was refused to sell its share of its stocks in China because of an audit that failed to find evidence of workers being involved in illegal recruitment and employment irregularities across the country, but could reverse the impact of the UK ratings firm following an investigation into the practices of detention and torture, as it described the case as the red flag in its social issue category, and will not be able to take part in an independent audit into its business - and it will be removed from the stock market amid concerns that it is facing further scrutiny of how China is determined to stop using foreign auditors for reporting changes to corporate growth. But investors are concerned about the risks it faces. A row has raised the possibility that some European firms will withdraw the value of Volkswagen stock, despite warning that Beijing is trying to curb the influence of Western audits on the car industry.
Source: theglobeandmail.comPublished on 2023-12-05
Related news
- Moderna Named a Top Employer by Science for Ninth Consecutive Year
- Agribusinesses , ESG Business Practices And Greenwashing
- ASOS , Boohoo , George investigated for greenwashing
- Big Tech Big Sink Into Asininity Has Reached New Levels of Darkness
- Trying to make sense of the bag ban that really never was
- Are Oil Stocks Too Good For ESG Investors To Pass Up ?
- Shell CEO confronted by climate activists on stage at TED Countdown conference
- Major Asian Bank Says It Not Practical to Cut Off Clients With Coal Exposure in the Short Term
- WBCSD updates the climate scenario analysis tool for companies to leverage in their climate - related financial disclosures
- Greenpeace slams sham sustainable investment funds
- How to Build a Regenerative Business and Save the Planet
- Major Asian bank says it not practical in the short term to cut off clients in the coal business
- European firms using carbon targets in executive pay , but investors unsatisfied report
- Republicans Blame the Silicon Valley Bank Collapse on Woke Climate Financing . Economists Disagree
- Press Release - MINING . COM