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.
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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).
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