The article is translated and adapted from English, Published by the US headquarters of the Epoch Times.
Chinese fashion retailer Shein will be required to meet the same ethical and moral targets as other companies, Business Secretary Jonathan Reynolds said on Sunday.
Shein, which was founded in China and is headquartered in Singapore, has reportedly applied to list on the London Stock Exchange, but the company is facing allegations that some of its clothing may be made with forced Uighur labor in China.
Commenting on Sheen’s potential London listing, Mr Reynolds said that if the company was involved in forced labour, the issue was not where the company was listed, but that it should not do business in the UK.
The minister also said he had concerns about a “loophole” that allows retailers to avoid paying import taxes on small parcels delivered directly to customers.
Last year, US lawmakers He called for an investigation into Shin. Because of allegations that it used forced Uighur labor in the production of some of its clothing when the company was considering listing in the United States. And after the fast-fashion retailer shifted its focus to London, the plan was also met with concern.
Asked if he would welcome a UK listing for Sheen, Reynolds told Times Radio on Sunday: “I would, because wherever any company is active in the UK, our ambition should be to regulate that company from the UK.”
Regulation is the way the government ensures standards of business practices in relation to labour, taxation or the environment, the minister said.
“To be absolutely clear, if any company has forced labour in its supply chain, it should not be operating in the UK at all, and there should be no question of where it should be listed.
“But when companies are active in the UK, the best way to ensure they reach the standards we want to see is for them to be regulated from the UK, and so if they do list, I would like that listing to be here in the UK.”
“moral and ethical goals”
Reynolds said UK-listed companies must meet “very high standards”.
“I would say absolutely that no UK listed company should have any form of forced labour in its supply chain and should be delivering exactly the right ethical and moral targets in terms of tax and all aspects of business,” he said.
Asked if he would close the tax gap, the minister said: “I expect every company in the UK to pay its fair share of tax.”
Pressed further, Reynolds said: “I am concerned about this particular gap and it would certainly be something I would want to talk to them about if they were considering further business in the UK.”
Shein has been contacted for comment.
In May, Shen said it was investing tens of millions of dollars to “strengthen governance and compliance across our supply chain, as well as enable our suppliers to build more successful and responsible businesses.”
In May, Lord Alton of Liverpool told The Epoch Times that he had done so. “Wide-ranging” concerns. Regarding Shein’s potential listing in London over allegations of forced labor, a tax loophole and “the company’s algorithm that is not only invasive but potentially undermines GDPR rules” [Regulamento Geral de Proteção de Dados]”
He also said it was unacceptable that Shein “cannot legally share the data it collects or disclose the extent of that collaboration with the UK or any UK regulatory body, including the City of London financial regulators.”
Last month, the Stop Uyghur Genocide group wrote to the Financial Conduct Authority, asking the regulator to reject Shen’s bid for a London listing.
PA Media contributed to this story.
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