INDIA: Mondelez "co-operating" with authorities over Cadbury tax probe
Cadbury is being investigated over allegations the company may have evaded as much as INR2bn (US$36.29m) in taxes
Mondelez International has said it is co-operating with authorities in India over alleged tax evasion in the country.
The snacks group's Cadbury India unit is being investigated over claims the company may have evaded as much as INR2bn (US$36.3m) in taxes.
According to Reuters, finance minister SS Palanimanickam told India's Parliament this week: "Two cases of tax evasion by Cadbury India Limited has been detected by the Directorate General of Central Excise Intelligence during the years 2009-10 to 2012-13, up to 31st October, 2012."
A spokesperson for Cadbury said in a statement: "A compliant and ethical corporate culture, which includes adhering to laws and regulations in the countries in which we operate, is integral to our success. To that end, we are fully co-operating with the authorities on this enquiry. Since the investigation currently is under way, it will be inappropriate on our part to discuss the details at this time."
This is the latest of two cases against Cadbury's Indian unit. In January last year, an investigation was launched to investigate whether Kraft Foods needed to pay taxes arising from it takeover of Cadbury.
Kraft rejected the criticism levelled at the company. However, the probe is understood to be ongoing.
Then Kraft CEO, Irene Rosenfeld announced that the company wanted to broaden its position within the confectionery industry as a global leader. In 2010 Kraft’s offer of $19.5bn (£11.5bn) was accepted,...
Mondelez International was created in October 2012 as Kraft Foods Inc has restructured its operations into two independently listed entities. Mondelez is home to the international snack food portfolio...
Kraft Foods aims to consolidate its leading positioning within confectionary by introducing novelties to consumers and making strong investment in advertising campaigns. Although Trident and Halls are...
Japanese food group Ezaki Glico will start selling Pocky chocolate in South Korea through a venture with local candy firm Haitai Confectionery....
- On the money: Unilever shifting into growth spots
- On the money: Danone denies strategy overhaul
- Why whole sector should take heed of meat scrutiny
- The just-food interview: Premier Foods CEO Darby
- On the money: Hershey confident in NPD pipeline
- Chobani bid for fresh UK appeal rejected
- Kellogg to close US snack plant
- 2 Sisters "passes" FSA poultry plant audits
- Danone takes Mars yoghurts into more markets
- Tyson sells Mexico, Brazil ops to JBS