Shuanghui loses $230 mln in two weeks
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Wan Long, president of Shuanghui,apologizes for tainted meat scandal at a meeting Thursday. [CFP] |
China's leading meat processor Shuanghui lost 1.5 billion yuan ($230 million) in sales from March 15 to 31 after a tainted meat scandal shook consumer confidence in the brand's quality, Wan Long, president of Shuanghui said at a meeting with company employees Thursday.
Senior company officials took the opportunity to apologize for the scandal and promised that Shuanghui's products have been strictly scrutinized since March 16.
Shuanghui said it has signed an agreement with the China Certification and Inspection Group to guarantee the quality of its products.
On March 15, state broadcaster CCTV exposed that a subsidiary of Shuanghui had purchased pigs fed with a banned, harmful drug.
Trade of Shuanghui shares has been suspended since March 16. The stock closed at 77.94 yuan on March 15 after falling by the 10-percent daily limit.
China's business press carried the story above on Friday. China.org.cn has not checked the stories and does not vouch for their accuracy.
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