Moolenaar: Morgan Stanley Should Have Known Client’s Ties to Forced Labor

Today, Chairman John Moolenaar (R-MI) of the Select Committee on China appeared on FOX Business Network's Mornings with Maria to discuss Morgan Stanley's underwriting of the initial public offering (IPO) of Zijin Gold International Company. Zijin Gold is a subsidiary of Zijin Mining Group, a company on the U.S. government's Uyghur Forced Labor Prevention Act (UFLPA) Entity List for its ties to forced labor.

Excerpt from Chairman Moolenaar’s Interview

On Morgan Stanley Providing Resources To An Entity Linked to Forced Labor: 

"Morgan Stanley and their CEO face serious risks here—in terms of financial risk, risk to their reputation, regulatory risk—because they are helping provide resources for this entity that's on the forced labor list that has been participating in the genocide. Whether its in Xinjiang where [Zijin] have facilities, they're also known for their human rights abuses in Colombia and Serbia…So we are requesting documents and understanding what kind of due diligence did [Morgan Stanley] do on this, and how did they overlook the fact that they're providing resources to this entity that promotes slave labor and enabling them to expand that around the world?"