News last update:6 Aug 2012

Taiwan Sugar denies pig feed profiteering

The state-run Taiwan Sugar Corp. has clarified that the company has not been stockpiling animal feed for profiteering purposes, as charged by some lawmakers.

According to legislator Chung Shao-ho of the opposition People First Party domestic pig breeders are losing profits due to surging prices of feed corn, along with increasing transportation costs.

Chung also accused two leading domestic feed suppliers, including state-owned Taiwan Sugar and its affiliate formed with Cargill, of stockpiling feed corn for profiteering.

Executives of Taiwan Sugar said the company has been importing corn and soybean at a rate of NT$500 million (€10m) each month despite the continuously soaring prices on the international market.

They stressed that the company always released imports into the market without any intention of hoarding stocks for ill-gotten profits.

However, they added they have no control over Cargill Taiwan, in which Taiwan Sugar has only a stake of 40%.

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