A Chinese court has declared bankrupt the company at the center of a scandal over tainted milk - blamed for killing six children and sickening almost 300,000 more, one of the company's owners said Wednesday.
Sanlu was one of 22 Chinese dairy companies whose products were found to contain high levels of the industrial chemical melamine, leading to the deaths of six babies and causing 294,000 others to suffer urinary problems.
Fonterra, a New Zealand farmer-owned cooperative, owns 43 percent of Sanlu.
New Zealand's Fonterra Group said that a court in Shijiazhuang, in China's Hebei province, issued a bankruptcy order against Sanlu Group Co. in response to a petition from a creditor.
Fonterra was responsible for alerting Chinese authorities to the tainted milk scandal in August, and by late September had slashed the value of its investment in the Chinese dairy group by $139 million to an estimated $62 million.
Fonterra, which controls more than 95 percent of New Zealand's milk supply, is the country's largest multinational business, its second-biggest foreign currency earner and accounts for more than 24 percent of the nation's exports.
"By now, it has been made clear how much Sanlu owes the distributors and creditors, but not the victims' families," Beijing-based lawyer Xu Zhiyong, who represents dozens of families with sickened children, said in a telephone interview.
"In theory, those who were physically harmed should get compensation first," Xu said. "But our concern right now is that ... the creditor bank or banks will collude with the local government to make Sanlu's assets go to compensating themselves first."
http://sg.news.yahoo.com/ap/20081224/tap-as-new-zealand-china-tainted-milk-bb10fb8.html
sure took their time to strip the more valuable assets before the inevitable
It took a foreign shareholder which put its self interest last to inform the authority while the schemers were seating rich on dead babies.
And now the collusion to get the remaining assets - no feeling, no justice for the dead babies and broken hearted parents.
just to show that money is all important, more important than lives?
just another big con job
how ironic. their greed for money destroyed them
finally, gd for them
I sometimes wonder about huge third world countries such as China and maybe India.
When they develope into the number 1 and 2 economies, will they too be developing into number 1 and 2 gracious people?
If not, the rest of us will be living with boorish, crude and rude neighbours.
well sanlu maybe bankrupt, but the local province govt will create another silu. wulu, tp replace the bankrupt company. the amount of debt or compensation that sanlu has to deal with make no sense to continue. it is easy to start a new company all over again.
this is china!!
Originally posted by reyes:well sanlu maybe bankrupt, but the local province govt will create another silu. wulu, tp replace the bankrupt company. the amount of debt or compensation that sanlu has to deal with make no sense to continue. it is easy to start a new company all over again.
this is china!!
yes you are absolutely right. New mushroom will sprout.
saw CCTV surveying feedback on ppl who are affected by sanlu milk they all express concern on how to claim current/future compensation to a bankrupt company. my surprise was that such a survey was conducted by communist control CCTV channel.
At this stage, there are still vast pockets of Chinese ppl who are still blur blur.
And I believe, these are just publicity stunts. Better the stunt at the govt hand than at the hand of rogue or the opposition.
They learning from LKY with fast economic but with snaill-pace political deregulation.
Small country like Singapore - can lah
but on huge country like China? Time bomb, perhaps?
Originally posted by 4sg:I sometimes wonder about huge third world countries such as China and maybe India.
When they develope into the number 1 and 2 economies, will they too be developing into number 1 and 2 gracious people?
If not, the rest of us will be living with boorish, crude and rude neighbours.
is the current number 1 economy filled with gracious people too?
china have 1.2 billion people. sanlu is only one of the many companies in china.
it represents only a small percentage.
Originally posted by dragg:is the current number 1 economy filled with gracious people too?
china have 1.2 billion people. sanlu is only one of the many companies in china.
it represents only a small percentage.
The answer is not absolute but statistically - yes.
Originally posted by reyes:saw CCTV surveying feedback on ppl who are affected by sanlu milk they all express concern on how to claim current/future compensation to a bankrupt company. my surprise was that such a survey was conducted by communist control CCTV channel.
you have too much misconceptlisation about china.
China is just spoiling their own market man..
First it was their toys, now abt their milk products, donno wat in d future.. haiz..
Originally posted by 4sg:At this stage, there are still vast pockets of Chinese ppl who are still blur blur.
And I believe, these are just publicity stunts. Better the stunt at the govt hand than at the hand of rogue or the opposition.
They learning from LKY with fast economic but with snaill-pace political deregulation.
Small country like Singapore - can lah
but on huge country like China? Time bomb, perhaps?
Russia did no better with a cheetah-pace political deregulation.
And for your info, China's economic deregulation is snail-paced.
It may or may not be snail-paced economic reform to any one....
but certainly faster pace as compare with political reform.....that my point.
Originally posted by 4sg:It may or may not be snail-paced economic reform to any one....
but certainly faster pace as compare with political reform.....that my point.
Um....so why the comparison?
Slow is slow....slower is still slow.
Edit: Your first sentence looks one heck of a smoke bomb. Again, your point being?
Originally posted by 16/f/lonely:
Um....so why the comparison?Slow is slow....slower is still slow.
Edit: Your first sentence looks one heck of a smoke bomb. Again, your point being?
China political reform is slower than its economical reform. Go read up. This is a time bomb as there swelling of unhappiness from the ground.
Originally posted by 4sg:China political reform is slower than its economical reform. Go read up. This is a time bomb as there swelling of unhappiness from the ground.
And so what if one is slower than the other if both are slow?
You acknowledged that how fast one sees is a matter of perspective, so how did you come to a conclusion that one is faster than the other?
it is normal to see china products every where =] open ur handphone cover omg china battery!@!!@#!#! will it expload ? no idea
Originally posted by 16/f/lonely:
And so what if one is slower than the other if both are slow?You acknowledged that how fast one sees is a matter of perspective, so how did you come to a conclusion that one is faster than the other?
Your view on the pace of China economic reform is your own view. That is your point. I don't agree with you but I am not interested in running you down or be against you. I am being diplomatic here with you.
The relative pace of China economic reform vis-a-vis it's polical reform is well documented. Recently, there is an article in the Straits Times by LKY who commented on these areas. Go read them. Don't can here and argue for the sake of arguing, OK?
Originally posted by 4sg:Your view on the pace of China economic reform is your own view. That is your point. I don't agree with you but I am not interested in running you down or be against you. I am being diplomatic here with you.
The relative pace of China economic reform vis-a-vis it's polical reform is well documented. Recently, there is an article in the Straits Times by LKY who commented on these areas. Go read them. Don't can here and argue for the sake of arguing, OK?
I'm doing that because you are contradicting yourself.....
Neither do I agree with you......
And I do find it rather wierd that few of you ever answer my questions directly here, but choose to side-step them.
So....besides reading that article and nodding your head, how did you come to that conclusion?
Edit: Like stevens101 says, where's the fun if you just quote an article for me to look at?
Originally posted by 4sg:It may or may not be snail-paced economic reform to any one....
but certainly faster pace as compare with political reform.....that my point.
that's true,
Originally posted by 4sg:It may or may not be snail-paced economic reform to any one....
but certainly faster pace as compare with political reform.....that my point.
actually political reform need to be conducted more conservatively, because any big change will greatly affect china's stability ,and for china stability is above all,