Dairy Crest expects £9.4m fine over milk price fixing |
| Friday, 07 December 2007 | |||||
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Dairy Crest expects to be hit in the pocket to the tune of £9.4m by the Office of Fair Trading over its involvement with the milk price fixing between supermarkets and their suppliers five years ago. The dairy supplier said it had reached an early resolution agreement with the OFT concerning its investigation, hence the reduced fine.
The company said this amount will be treated as an exceptional item in the year. It also backed up the claims of other supermarkets and suppliers found guilty in the price fixing debacle, claiming that the ‘price initiatives’ in 2002 and 2003 were aimed at supporting farmers through a difficult period by returning higher prices to them for their milk.
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david hill
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The Asda (Wall-Mart)... The Asda (Wall-Mart)/Sainsbury et al rip-off is just another example of what companies will do when they are driven by sheer 'Greed'. But if my arithmetic is right, it pays to be greedy. In this respect both supermarket groups and their collaborators pocketed over 300 million ($600 million plus), but where they were only fined jointly no more than 116 million ($235 million). Even if they broke even with their illegal and rip-off transactions, one does not have to be an Einstein to know that this certainly isn't a deterrent by any means. Therefore the greed will just continue and where as the supermarkets have so much dominance and power now, the people will just have to accept it and pay up. Unfortunately for humankind this greed is far more sinister than it appears at face value, for if you look at how the world's resources are being exploited at an alarming rate by corporates, this greed will be the eventual undoing of the human experience itself. Dr David Hill World Innovation Foundation Bern, Switzerland |
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