Private equity firm TPG acquired a majority stake in Sayari, it said in a news release Jan. 16. The agreement between the companies allows TPG “to make an up to $228 million strategic majority investment in Sayari,” the release said. “Sayari’s founders, employees, and existing investors will retain a significant stake in the company.” Sayari recently won government contracts for services to support anti-forced labor efforts by CBP and the Labor Department (see 2401050051).
Export Compliance Daily is providing readers with the top stories from last week in case you missed them. You can find any article by searching for the title or by clicking on the hyperlinked reference number.
A nonprofit is asking the Treasury Department to sanction seven Chinese companies after its reporting revealed their alleged ties to forced labor in China’s seafood industry (see 2310100030). The Outlaw Ocean Project, a Washington-based investigative journalism non-profit, said it submitted a petition to Treasury calling for human rights sanctions under the Global Magnitsky Act against the seven companies and their affiliates, who are “complicit in serious human rights abuses” against Xinjiang workers.
Export Compliance Daily is providing readers with the top 20 stories published in 2023. All articles can be found by searching on the titles or by clicking on the hyperlinked reference numbers.
China sanctioned American compliance risk advisory firm Kharon, a Kharon researcher and a researcher at the U.S.-China Economic and Security Review Commission in reaction to recent U.S. sanctions announced on Human Rights Day earlier this month (see 2312080026).
A former State Department official who advised on sanctions and money laundering, who also is a co-founder of Sayari Labs, a financial intelligence and commercial data provider, said that Hudson Institute will produce a paper on creating a broad sanctions program for China, complete with the kind of language that would allow it to be executive-order ready.
The proposed European Union forced labor trade ban waits to stop goods until after a government investigation finds the goods contain forced labor, in contrast to the U.S. approach, which automatically bans all imports that are suspected to be made with forced labor, without a separate investigation, trade lawyer John Foote said.
The European Council and the European Parliament on Dec. 14 negotiated new rules that will make up its upcoming corporate sustainability due diligence directive, which will require companies to conduct specific due diligence on their supply chains to address various environmental and social concerns, including forced labor risks (see 2202230073). The “provisional” agreement still needs to be formally adopted by both the council and the parliament before it takes effect.
Congress should require the Biden administration to strengthen export controls against China and give it new tools to restrict a broader range of inbound and outbound investments, the House Select Committee on China said in a Dec. 12 report.
A "substantial volume" of apparel made with Uyghur forced labor is entering the EU without restriction, a new Sheffield Hallam University report said. The report, released Dec. 6, studied four Chinese suppliers and focused on how their products were getting into the EU. In all, 39 brands are "at high risk" for sourcing goods made with Uyghur forced labor, including Hugo Boss, Inditex and Skechers.