Volkswagen Group (VWAGY) is reviewing the future of its joint venture in northwestern China and BASF (BASFY) is beginning to sell its stakes following international scrutiny of forced labor using mostly Muslim ethnic groups, Keith Bradsher of The New York Times reports. Last week, Volkswagen said it was in discussions with one of its main joint venture partners in the region following allegations of human rights violations at its joint venture in Xinjiang. BASF of Germany began moving to divest its stakes in two manufacturing joint ventures in Xinjiang last year. While audits had not found human rights violations, BASF said, “recently published reports related to the joint venture partner contain serious allegations that indicate activities inconsistent with BASF’s values.”Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>See today’s best-performing stocks on TipRanks >>Read More on VWAGY:

Source: New York Times February 20, 2024 11:29 UTC