Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

RPT-UPDATE 1-Australian competition watchdog takes action vs Woolworths for supplier payments

Published 11/12/2015, 07:51 am
Updated 11/12/2015, 08:00 am
© Reuters.  RPT-UPDATE 1-Australian competition watchdog takes action vs Woolworths for supplier payments
WES
-
WOW
-

(Repeats story first published late on Thursday; no change to text)

* Watchdog says Woolworths sought $44 mln from suppliers

* Says request convened consumer law

* Seeking refunds via proceedings set for Feb. 1

* Woolworths denies wrongdoing

SYDNEY, Dec 10 (Reuters) - Australia's competition regulator on Thursday said it has launched court proceedings against Woolworths Ltd WOW.AX , saying a request for funds from suppliers by the country's biggest supermarket chain amounted to "unconscionable conduct".

The Australian Competition and Consumer Commission (ACCC) said Woolworths sought about A$60.2 million ($43.84 million) in "payments" from suppliers to help narrow a shortfall in earnings, under a scheme the supermarket called Mind the Gap.

The agency said the scheme was approved by senior management, involved 821 suppliers, and was in contravention of consumer law. It said it was seeking an injunction requiring Woolworths refund suppliers and pay related costs.

Woolworths denied any wrongdoing.

"Not agreeing to a payment would be seen as not supporting Woolworths," the ACCC said in a statement.

The ACCC's latest move is part of a broader probe into major chains' treatment of supermarket suppliers. In October, Woolworths, Aldi Inc ALDIEI.UL and Wesfarmers Ltd's WES.AX Coles signed up to a code of conduct for the food industry, implemented after the ACCC began its probe in 2013.

The ACCC's case against Woolworths culminates a torrid year for the chain which has been battling a step-up in competition brought about by new entrants such as Aldi. Woolworths in 2015 downgraded its profit forecast three times and lost its chief executive, chairman and a string of other senior executives. urn:newsml:reuters.com:*:nL3N12S6DT

In a statement, Woolworths said it had cooperated with the ACCC during the investigation over the last year and was reviewing the claims.

"We believe our conduct was consistent with Australian and international industry practice to engage regularly with suppliers over product and category performance," Woolworths said.

The ACCC said Woolworths managers contacted a large number of "tier B" suppliers and asked for Mind the Gap payments of A$4,291 to A$1.4 million. It said the scheme aimed to reduce a projected shortfall in half-year profit by Dec. 31, 2014.

Woolworths sought about A$60.2 million and received around A$18.1 million, the ACCC said.

"Woolworths' conduct in requesting Mind the Gap payments was unconscionable in all the circumstances," the ACCC said.

Proceedings are set to be heard on Feb. 1 in the Australian Federal Court in Sydney. ($1 = 1.3732 Australian dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.