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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