Bumble Bee to plead guilty in tuna price fixing case
Bumble Bee, a 118-year-old brand well known in American supermarkets, allegedly worked with other companies to fix the prices of packaged tuna from 2011 to 2013, the Justice Department said in a news release.
Bumble Bee agreed to cooperate with the ongoing investigation into the price fixing, in addition to pleading guilty to a single felony count. The criminal fine will grow to as much of $81.5 million in the event Bumble Bee is sold, the Justice Department said.
The probe already netted two Bumble Bee executives - now on paid leave from the company, according to a spokeswoman - but Monday's announcement is the first against a corporate defendant.
"Companies small and large hold a great deal of the American peoples' trust and this type of unfair, greedy behaviour will not be tolerated," said John Bennett, special agent in charge of the FBI's San Francisco division.
Bumble Bee said it cooperated with officials from the outset of the investigation, and also strengthened its policies and hired a chief compliance officer last fall.
"We accept full responsibility for needing to earn back any lost trust in our company and will do so by acting with integrity and transparency in every way we operate our business," said Jill Irvin, general counsel, Bumble Bee Seafoods.
Source: AFP
Source: I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
