Speedo dives in to drown Indian licensee’s ‘human rights abuses’
Norway’s wealth fund closes the book on Page after concerns about ‘violations’ at one of its factories
Speedo International will investigate a report of possible human rights violations by its Indian partner, Page Industries, which Norway’s wealth fund dropped from its portfolio this week, the UK-based swimwear maker said.
Norway’s $1-trillion (about R16,7-trillion) sovereign wealth fund, the world’s largest, on Monday said “unacceptable risk” due to alleged human rights violation led to exclusion of some companies, including Page, which is the exclusive licensee for Speedo and underwear-maker Jockey International in India.
The fund’s decision was based on its Council on Ethics’s findings, which flagged these concerns and said Page had violated national regulations on issues such as fire safety...