21 August 2015
Coop Bank tripled its net loss and India is suing Nestle for $100 million.
The Cooperative Bank has tripled its net loss for the first half of 2015 to £204 million compared to last year’s £77 million. Coop Bank chief executive Niall Booker admitted that the bank would not be profitable in 2015 or 2016. The bank was censured by the PRA and FCA earlier this month but not fined as the regulators said this would damage the bank.
Charity Commission launches investigation into financial collapse of Kids Company
Charity regulator The Charity Commission has launched an investigation into the financial collapse of Kids Company. The regulator will look into the administration, governance and financial management of the charity, and identify wider lessons for other charities and trustees.
Costco and CP Foods face criminal charges for alleged slavery in the supply chain
Three law firms in California have filed a lawsuit against retail chain Costco for knowingly selling prawns bought from Thai supplier CP Foods knowing that the supply chain was tainted by claims of slavery. The law firms are seeking an injunction that would stop Costco from selling the prawns unless packaging label stated it as produce of slavery.
India sues Nestle for £100 million
Indian regulators have sued Nestle for $100 million (£64 million) over ‘unfair trade practices’ after unsafe levels of lead were found in Maggi noodle packets. The product was banned nation-wide after the Food Safety and Standards Authority of India accused Nestle of not complying with food safety laws. As a result, Nestle burned 400m tonnes of Maggi products.