Fonterra fined $900k for role in fixing prices in China, says rivals face bigger penalties

Wed, 07 Aug 2013

By Paul McBeth Aug 7 (BusinessDesk) - Fonterra Cooperative Group, embroiled in a food contamination scandal, has been fined $900,000 for its role in fixing prices for infant formula in China, but says its rivals face bigger penalties. The Auckland-based cooperative was issued an administrative fine of 4.47 million Chinese yuan after the China National Development and Reform Commission finished its probe into foreign firms’ pricing on consumer dairy products, Fonterra said in a statement. The world’s biggest dairy exporter will provide extra...

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