Congressman Accuses Morgan Stanley of Financial Ties to UFLPA Violator
Rep. John Moolenaar, R-Mich., sent a letter to Morgan Stanley CEO Ted Pick demanding information on its involvement with a Chinese company on the Uyghur Forced Labor Prevention Act Entity List.
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Moolenaar, chairman of the Select Committee on China, accused Morgan Stanley of underwriting the initial public offering of Zijin Gold International Co., is a subsidiary of Zijin Mining Group, which is on the UFLPA Entity List.
"When U.S. financial institutions engage with Chinese firms linked to Uyghur forced labor, they undermine the U.S. government’s goal of deterring forced labor globally," Moolenaar wrote. "By facilitating these companies’ access to international capital markets, U.S. underwriters are enabling them to scale up their operations and engage in more forced labor, directly contravening the intent of U.S. law."