Financial Conduct Authority (FCA) chief Nikhil Rathi appears to have given Shein the green light on its controversial plans to list its shares in London. Although he didn't mention the fast fashion brand by name - he might as well have. Talking to the Financial Times, Rathi said decisions on whether companies can join the stock exchange are based on their disclosures and not “on every aspect of their corporate behaviour”.
The watchdog has come under pressure to block Shein from listing, after the retailer was accused of using forced labour in China’s northwestern Xinjiang region, as part of its cotton supply chain. In response, Shein said it suspended orders from the suppliers in question and would halt business with them until they had tackled the issue. Rathi, however, said plenty of London’s listed companies “find themselves facing legal difficulties” in many parts of the world. His organisation’s job is to make sure they’re transparent about these legal difficulties and scandals when they happen – a fair point.
This story is from the December 04, 2024 edition of The Independent.
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This story is from the December 04, 2024 edition of The Independent.
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