Friday, 18 July 2008

Protest against private equity

Yesterday, FNV Bondgenoten held a protest at Maxeda, a company owned by private equity Lion Capital. The action was part of a global day of action against abuses by private equity firms, with actions in 25 countries.These firms buy companies and sell them at a profit after stripping them and laying off employees, according to the FNV. Further, they would evade taxes. KKR owns companies including Toys R Us, Nielsen (VNU), Maxeda (V&D, Bijenkorf) and AVR Van Gansewinkel.Pension funds managed by unions and employers' organisations are important investors in private equity funds. The FNV says pension funds should require private equities to subscribe to basic principles such as abstaining from child labour and slavery, paying living wages and respecting the right to organise.
Source / photo: FNV Bondgenoten. More photos. International, background

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