Q3 Earnings Alert: These are the most overvalued right nowSee Overvalued Stocks

Fuyao Glass says Ohio unit not target of investigation after Homeland Security raids

Published 07/28/2024, 04:05 AM
Updated 07/28/2024, 04:10 AM
© Reuters. The company logo of Fuyao Glass Industry Group is displayed during a news conference in Hong Kong, China February 27, 2017. Picture taken February 27, 2017. REUTERS/Bobby Yip/File Photo

BEIJING (Reuters) - Chinese automotive glass maker Fuyao Glass Industry Group said the United States government agencies searched its subsidiary on July 26 in Ohio as part of an ongoing investigation into a third-party labour services company.

Fuyao Glass America Inc was not the target of the investigation, Fuyao quoted the U.S. authority as saying, in a filing to the Shanghai Stock Exchange.

© Reuters. The company logo of Fuyao Glass Industry Group is displayed during a news conference in Hong Kong, China February 27, 2017. Picture taken February 27, 2017. REUTERS/Bobby Yip/File Photo

Local media earlier quoted a U.S. Homeland Security Investigations spokesperson as saying that their special agents are serving search warrants at Fuyao Glass's unit and 27 other locations as part of an investigation into "allegations of financial crimes and labour exploitation."

Production in its Ohio unit was partially halted during the search, which was completed on Friday afternoon. Cargo transport and delivery were not affected, the company said, adding the current operation remains normal.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.