NEW ZEALAND: Fonterra pledges support for export fraud investigation
New Zealand mega-dairy Fonterra has welcomed the Serious Fraud Office's investigation into breaches of export rules by SPD, a company associated with Kiwi Dairies, which last year merged with New Zealand Dairy Group to form Fonterra. For a year, the Agriculture Ministry has been investigated the alleged breaches in dairy exports by SPD, but the Serious Fraud Office is now taking over the case, which is believed to involve some NZ$50m (US$24.1m) irregularities.
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