US lifts import ban on Supermax over forced labour concerns
KUALA LUMPUR (Sept 20): The US allowed imports from Supermax Corp Bhd, after customs authorities lifted a ban imposed on the company since October 2021 for alleged forced labour.
In a statement on Tuesday, the US Customs and Border Protection (CBP) said effective immediately, the agency will allow imports of disposable gloves manufactured by Supermax Corp and its wholly owned subsidiaries to enter the US, provided they are otherwise in compliance with US laws.
The CBP on Oct 21, 2021, issued a withhold release order (WRO) against Supermax Corp and its wholly owned subsidiaries (Supermax Glove Manufacturing, Maxter Glove Manufacturing Sdn Bhd and Maxwell Glove Manufacturing Bhd).
CBP Senior Official Performing the Duties of the Commissioner Troy A Miller said the action underscores the ongoing impact of CBP’s enforcement efforts in driving remediation and eliminating forced labour from supply chains.
“Everyone is entitled to humane and dignified treatment in the workplace, no matter who they are or where they live, and that’s why this work matters,” said Miller.
CBP began enforcing the WRO against Supermax Corp and its wholly owned subsidiaries based on evidence reasonably indicating the presence of 10 of the 11 International Labour Organization indicators of forced labour.
In response to the WRO, the company demonstrated to CBP that it has taken steps to remediate the forced labour indicators identified in its supply chain.
Meanwhile, CBP’s Office of Trade's Executive Assistant Commissioner AnnMarie R Highsmith said the agency’s vigilance on this issue is showing the industry and the world that it is fully committed to elevating the ethical standard of goods entering the US and ending forced labour.
Thus far in fiscal year 2023, CBP has issued four modifications.
CBP said forced labour enforcement efforts have resulted in the improvement of living and working conditions for tens of thousands of workers, including the repayment of more than US$50 million (RM234.72 million) in withheld wages and recruitment fees used to trap workers in debt bondage.
At the time of writing, Supermax Corp gained 1.23% or one sen to 82 sen with 1.66 million shares traded.
Read also: US Customs issues seize order on Supermax products on forced labour finding
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Yes, time definitely will tell. Stanley and his proxies never buy now, but you bought. Few months to years down the road, you could only wish for a gap up just to withdraw quickly.
what is the logic of tp by some of the bank by unchanging the TP oist uplifting of the import ban? after 2 years of inability to sell to US, biggest market? to now able to sell. even a 1 cent raise also logic, unless.....
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EngineeringProfit
14,826 posts
Posted by EngineeringProfit > 14 hours ago | Report Abuse
A two-year-long US import ban on Supermax rubber gloves has been lifted from Sept 18
Insider news, TopGlove coming QR will be worst than expectation , it will cause the bad market sentiment toward glove counters , good luck guys.........
Good morning, another Q of bad results for TG, the future of the glove counter is worsening. Now is not the time to hear cock N bull stories of glove company owners.
Who else dare to buy a counter that has no credibility, especially the boss got case before. US' factory is just a smokescreen only. Release good news once in a while, especially when the market is stagnant, just to trap more inside.
Good evening owners of glove companies & funds caught in glove counters are speculating that the glove industries will recover at the end of 2024 or rather last quarter of 2024. Far from it, if we take into account the rising costs of material & transport as well the low turnover of these companies, they can hardly break even with the stiff ASP.
No point in purchasing your own shares when the business can't make money. The rational step is to pay all available cash reserve and start a new even if the share price drops to 10 sen, myinvestor OTHERS Supermax Corporation Berhad (Supermax or the Company) - Proposed Renewal of Authority for the Company to Purchase its Own Shares
Overall, Chinese companies supply a majority of US imports for 46 percent of products that fall under critical PPE. When looking more generally at US imports of critical public health goods (including PPE), the share of products for which China is the majority supplier falls to 31 percent
1) No cash dividend announced 2) No share dividend announced 3) Waiver of Pre-emptive Rights pursuant to Section 85 of the Companies Act 2016 (dont know what is this?) .... from google explanation can be rights issue to existing shareholder or can be some major shareholder wants to offload shares but the existing shareholders has the first right to the offer... not sure which is which in this case...
Importkey hartalega ngc reveal its sales volume in July, Aug n Sept 2023 has surpassed the sales in Jun to Oct 2021. It is hard to harta lega to lose money in the coming qtr.
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
frankkoh
36 posts
Posted by frankkoh > 2023-09-19 17:30 | Report Abuse
Any status update on their US factory?