Many global financial institutions like BlackRock, Carlyle, Blackstone, have made pledges promising “responsible investing to combat human trafficking”. However, a recent article in the Hong Kong Free Press points out almost all are failing to hold third-party companies accountable for trafficking-related crimes committed by their employees in the financial hub of Hong Kong.  

Turning a blind eye to exploited domestic workers 

It is well documented that migrant domestic workers across Asia and other regions are frequently trapped in debt-bondage, a form of modern slavery. This is often due to recruiters’ fees paid to secure a job. In Hong Kong, many migrant workers are charged these recruitment fees. But despite Hong Kong’s legal limit of $499 HKD ($65 USD), those fees are frequently as high as HK$8,000, (just over $1,000 USD). That’s an exorbitant amount for migrant workers. The fees leave them trapped and financially dependent on their employers. It also means they are extremely vulnerable to further abuse and exploitation as they are afraid or can’t afford to leave their job.  

One migrant worker in Hong Kong said: 

“My employer hit me. When I tried to quit, they wouldn’t let me. They kept my passport and told me I was not allowed to quit.” 

Another stated: 

“They hired nine helpers over four years and were very abusive, so all quit or were fired. I didn’t know this before I started. It’s hard to quit because it costs so much to get another job.” 

Proportionately, expatriate financial firm executives spend more than any other group in Hong Kong on hiring domestic help. But in order to keep fees low for their corporate employers, hiring agencies are illegally shifting costs to the workers. That means expat employers are benefiting from these unscrupulous and exploitative hiring agencies. 

The brave few who do quit abusive jobs still have the first debt to pay. So, they face the choice of going home carrying debt or going even deeper in debt to find a new job. And the cycle starts again. 

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