Corporate

FMA reacts to complaint about Fonterra

The Financial Markets Authority is seeking more information from Fonterra's management over its forecast loss and major asset writedowns it announced in August.

The dairy co-operative revealed it would write down the value of some of its underperforming and overvalued assets, resulting in losses of between $590 and $675 million.

The regulator confirmed on Monday it received a complaint about the dairy co-operative's books.

"The FMA has engaged with Fonterra's management and asked for information regarding concerns about Fonterra's recent announcement and its pending financial statements for the last period," an FMA spokesperson said.

"We are now considering what further information may be required to assist our enquiries."

The regulator was now considering what further information it needed to assess the complaint.

Fonterra was due to report its full year financial results on 12 September.

This article was originally published on RNZ and re-published with permission.

Credible information is crucial in a crisis.

The pandemic is pushing us into an unknown and uncertain future. As the crisis unfolds the need for accurate, balanced and thorough reporting will be vital. Newsroom’s team of journalists is working hard to bring you the facts but, now more than ever, we need your support.

Reader donations are critical to what we do. If you can help us, please click the button to ensure we can continue to provide quality independent journalism you can trust.

Comments

Newsroom does not allow comments directly on this website. We invite all readers who wish to discuss a story or leave a comment to visit us on Twitter or Facebook. We also welcome your news tips and feedback via email: contact@newsroom.co.nz. Thank you.

With thanks to our partners