The continued saga regarding the slave labour utilised by yet to be mentioned Thai firms is continuing to pick up in the news with Nestle recently stating that yes there were obvious signs of human rights abuse
Nestle, among the biggest food companies in the world, launched the investigation in December after reports from news outlets and nongovernmental organizations tied brutal and largely unregulated working conditions to their shrimp, prawns and Purina brand pet foods. Its findings echo those of The Associated Press, the Guardian, Global Post and other media outlets that have resulted in the rescue of more than 2,000 fishermen.
But so what?
Our thinking is that we wouldn’t be surprised to see sanctions against Thailand and specific Thai companies come from both the US and the EU governments, and that it would hurt the seafood industry the most here.
The European Union threatened earlier this year to ban Thai seafood imports if the country fails to improve the regulation of its fishing industry. The government has said it is working to address the concerns
In August, pet food buyers filed a class-action lawsuit alleging Fancy Feast cat food was the product of slave labour associated with Thai Union Frozen Products, a major distributor. It’s one of several lawsuits filed in recent months against major US retailers importing seafood from Thailand.
Who would get hurt by this the most? Well there are really only two listed companies that are at a substantial amount of risk, CPF and TU. So stay away, stay far away.
Source: Bangkok Post