The Cows Are Coming Home -- Milk Scandal

by Barbara McPherson | October 13, 2008 at 06:30 pm
181 views | 22 Recommendations | 2 comments

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Now that some of the dust is settling in the latest food scandal to come out of China, the early reports on financial loss are being counted.  The false economy of contaminating cows' milk with toxic materials has sickened and killed thousands of children.  Now that the light of day has been focussed on these criminals, the costs associated with  recalling products made from the poisoned milk are mounting.   

SHANGHAI, Oct 14 (Reuters) - Two major dairy firms, Inner Mongolia Yili Industrial Group (600887.SS: Quote, Profile, Research, Stock Buzz) and Bright Dairy Group (600597.SS: Quote, Profile, Research, Stock Buzz), estimated on Tuesday they would post third-quarter net losses because of China's scandal over contaminated milk.

In brief statements to the Shanghai Stock Exchange, the companies did not give specific figures. They are due to make full third-quarter earnings reports late this month.

Bereft Chinese parents are seeking legal redress from the companies that supplied poisoned milk and milk products.  Farmers who have been left with no one to buy their milk are increasingly angry at the offenders.

For a comprehensive listing of recalled products, check out the Now Public Health site under the tag Milk Scandal.

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Rachel Nixon
Rachel Nixon
flagged this story as Good Stuff

at 18:39 on October 13th, 2008

Barbara McPherson, I like this story. It's good stuff. It will be interesting to see what those third-quarter reports say.

Terri Potratz
Terri Potratz
flagged this story as Good Stuff

at 22:59 on October 13th, 2008

Barbara McPherson, I like this story. It's good stuff.

This story was created over 3 months ago, the comment thread is now closed.

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Rachel Nixon
First Flagged at 6:39 PM, Oct 13, 2008 by Rachel Nixon
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