By Helena SmolakBASF plans to sell its shares in two joint ventures in China's Xinjiang region, citing allegations against its partner that the German company deemed inconsistent with company values. The move comes after reports in the German media about human rights abuse of Uyghur people that prompted calls on BASF to exit Xinjiang. The German chemicals giant said Friday that it doesn't have indications that employees of the two joint ventures, located in Korla, were involved in the alleged human-rights violations. BASF said the allegations relate to its joint-venture partner, Xinjiang Markor Chemical Industry, in which it doesn't have a stake. BASF said it would accelerate a process to sell its shares in the two joint ventures, BASF Markor Chemical Manufacturing (Xinjiang) and Markor Meiou Chemical (Xinjiang), subject to negotiations and required approvals of the relevant authorities.

Source: Wall Street Journal February 09, 2024 20:38 UTC