ReconAfrica accused of human rights violations | GardaWorld hit by $30M heist | LA poultry company faces allegations of child labor

In today’s Portfolio Intelligence Daily, where we highlight under the radar investment themes and idiosyncratic company risks:?

• ReconAfrica accused of human rights violations
• GardaWorld hit by $30M heist
• Moon Poultry, L&Y Foods face allegations of child labor

Auquan’s analyst team curates these summaries from our intelligence engine, which uses retrieval augmented generation (RAG AI) to uncover unique insights at scale, typically involving emerging markets, supply chains, financially-material ESG risks, and the impact of regulatory changes.

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ReconAfrica accused of human rights violations

Environmental and human rights groups are calling for an investigation into Calgary-headquartered Reconnaissance Energy Africa (ReconAfrica) over alleged human rights violations in Namibia.

• ReconAfrica's oil exploration activities in Namibia, particularly near the ecologically sensitive Okavango Delta, have raised concerns.
• A 187-page complaint filed with the Canadian Ombudsperson for Responsible Enterprise (CORE) accuses ReconAfrica of violating international human rights and Indigenous rights.
• Allegations include lack of consultation with local communities, environmental pollution, and attempts to silence critics.
• Affidavits detail instances where locals were offered jobs in exchange for silence and land use without consent.

Select timeline

• April 10, 2024 | Alleged human rights abuses detailed in new complaint against Canadian oil company (National Observer)
• April 10, 2024 | Lawyers allege Calgary-based oil and gas company committed human rights abuses in Namibia (Calgary Herald)
• April 10, 2024 | Lawyers allege Calgary-based oil and gas company committed human rights abuses in Namibia (MSN)

GardaWorld hit by $30M heist

$30 million was stolen from a money storage facility in Los Angeles on Easter Sunday, making it one of the largest cash heists in the city's history.

• Thieves breached the building and cracked the safe where the money was stored, indicating a well-planned operation.
• GardaWorld, the Canada-based company that owns the facility, is a global cash management and security company.
• LAPD and FBI are jointly investigating the theft, seeking public tips to identify the perpetrators.
• Security experts express concerns about the facility's security measures and the sophistication of the heist.

Select timeline

• April 8, 2024 | After $30-million L.A. heist, can DNA, fingerprints, video help crack case? (LA Times)
• April 7, 2024 | Here’s why the $30 million Los Angeles heist on Easter Sunday could go unsolved (NY Post)
• April 5, 2024 | Tens of millions stolen from money storage facility in one of the largest cash heists in Southern California (NBC News)

Moon Poultry, L&Y Foods face allegations of child labor

The LA-based poultry company accused of child labor denies the allegations and claims entrapment. Industry under scrutiny for similar practices amid widespread concern.

• Federal labor investigators accuse an LA poultry company of employing minors in hazardous jobs and shipping products handled by them.
• The US Department of Labor files a lawsuit against the company and its owner, alleging violations of labor laws.
• Authorities further accused the owner, Fu Qian Chen Lu, and owners of affiliated companies of violating the Fair Labor Standards Act's "hot goods" provision by shipping poultry processed with child labor.
• The defendants deny the allegations, claiming the labor department planted an underage worker as part of the investigation.
• Ongoing enforcement actions target similar companies amid concerns over child labor practices in the poultry industry.

Select timeline

• April 9, 2024 | Feds say LA poultry company used child labor then hid its product (SMDP)
• April 1, 2024 | Feds accuse Southern California poultry processors of using child labor (Courthouse News)
• April 4, 2023 | Federal labor investigators say L.A. poultry plant used child labor and tried to cover it up (Los Angeles Times)

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