ASIC accuses COFCO subsidiaries of manipulating Australian wheat market prices 34 times in 2022.
Australia's corporate watchdog, ASIC, has accused China Oil and Foodstuffs Corporation (COFCO) subsidiaries of manipulating the Australian wheat market prices 34 times between January and March 2022. The alleged manipulation involved placing orders close to the end of the day to affect the daily settlement price, leading to artificial prices and increased costs for consumers. ASIC has launched civil penalty proceedings in the Federal Court against COFCO International Australia Pty Ltd and COFCO Resources SA.
July 24, 2024
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