NZ: Fonterra fined for delayed botulism disclosure
Fonterra has been fined NZ$150m for the delay in disclosing information about the botulism scare
Fonterra has agreed to fork out NZ$150,000 (US$129,700) in settlement costs over the delayed disclosure of the botulism scare last year.
The dairy firm said today (13 June) it "reached a settlement with NZX in relation to the continuous disclosure of information during the precautionary whey protein concentrate (WPC80) recall in August 2013".
"As part of a full and final settlement, we have acknowledged the Tribunal's views and agreed to make a payment of $150,000," said group director governance and legal Mike Cronin.
"Following the Fonterra Board's Independent Inquiry into WPC80, and as the Tribunal's statement sets out, Fonterra has made significant changes to ensure improved identification, management and escalation of emerging risks across the Co-operative, with a particular focus on food safety and quality," he added.
Fonterra is also facing legal action from French diary giant Danone, which is attempting to recoup its losses associated with the recall. Danone has estimated the recall resulted in lost sales of EURE350m (US$476m).
Danone SA - Strategy and SWOT Report, is a source of comprehensive company data and information. The report covers the company’s structure, operation, SWOT analysis, product and service offerings and ...
MarketLine's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organi...
Fonterra Brands (NZ) is owned by Fonterra Co-operative Group, the world’s largest milk processor and dairy producer. Fonterra Brands (NZ)’s vision is to provide natural sources of dairy nutrition for ...
Fonterra is ranked in the top 21 among dairy players. However, this is due for the most part to its strong presence in Australasia. The company is looking to diversify, investing in a China-based dair...
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