Credit Suisse is to donate SFr1 million ($1 million) to the United Nations children's fund following reports child labour was used in a football promotion scheme.This content was published on April 23, 2008 - 11:58
The bank is investigating claims 200,000 children's Euro 2008 footballs given away in Credit Suisse branches were made by minors and locals in Pakistani villages for half the usual price.
In a statement issued on Wednesday, the bank said its Swiss contractor and the Pakistani firm that produced the footballs had signed a code of conduct based on standards set by the International Labour Organisation specifying fair working conditions.
It added: "Nonetheless, Credit Suisse cannot exclude with absolute certainty at this time that children may have been involved in part of the football manufacture by the producer in Pakistan or their sub-suppliers, respectively."
The bank stated that it was making the donation as it supported a ban on child labour and "even the mere hint of suspicion" that it may have been violated was unacceptable.
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