🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Germany denies VW China investment guarantees over human rights concerns - Spiegel

Published 05/27/2022, 11:28 AM
Updated 05/27/2022, 02:35 PM
© Reuters. FILE PHOTO: FILE PHOTO: A Volkswagen logo is seen as it launches its ID.6 and ID.6 CROZZ SUV at a world premiere ahead of the Shanghai Auto Show, in Shanghai, China April 18, 2021. REUTERS/Aly Song
VOWG_p
-

BERLIN (Reuters) - Germany's Economy Ministry has refused to provide carmaker Volkswagen (ETR:VOWG_p) with guarantees to cover new investments in China because of concerns over human rights violations in the Xinjiang region, Der Spiegel reported on Friday.

The ministry confirmed it had turned down four applications from a company over human rights concerns in Xinjiang but declined to name the company. Der Spiegel said, without naming sources, that Volkswagen was the company in question.

"The human rights situation in Xinjiang has become worse in recent years and involves forced labour and mass internment of Uyghurs," the ministry said.

"The German government has therefore decided not to give guarantees for projects in China that are 1) in Xinjiang or 2) have business ties to entities operating there."

Via a joint venture with China's SAIC Motor, Volkswagen has a plant in Urumqi, located in the Xinjiang region, where western countries and rights organisations say ethnic Uyghurs face torture and detention.

China has repeatedly denied any mistreatment of Uyghurs, describing alleged detention camps as vocational training facilities where people can "voluntarily" check themselves in to learn about law, Chinese language and vocational skills.

A Volkswagen spokesperson confirmed that the company had submitted applications for investment guarantees in China, adding it had not yet received an official decision from the ministry.

The Volkswagen spokesperson said the applications were not for direct investments in the group's Xinjiang plant or anywhere near it, but that it could not be ruled out that a product made at a factory elsewhere in the country could end up in the region.

© Reuters. FILE PHOTO: FILE PHOTO: A Volkswagen logo is seen as it launches its ID.6 and ID.6 CROZZ SUV at a world premiere ahead of the Shanghai Auto Show, in Shanghai, China April 18, 2021. REUTERS/Aly Song

Germany, which is scrambling to free itself of dependence on Russian gas after being caught on the hop by Moscow's invasion of Ukraine, is now reassessing its ties to China and will place greater weight on human rights, Economy Minister Robert Habeck said earlier this week.

Volkswagen said it follows the United Nations' guiding principles on business and human rights and that it was an integral part of the company's code of conduct.

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.