I am posting the below because this company owned the dairying company that thanks to the Liberals and Nationals was prohibited from purchasing Lion Dairy and Drinks that eventually (for a lower price!) became a part of BGA.
From 'The Australian' online:ASIC alleges Chinese state-owned firm allegedly manipulated Australian wheat prices
In court papers served late on Wednesday, the Australian Securities & Investments Commission launched action against COFCO International Australia and COFO Resources for manipulation of futures market contracts.
The two companies are subsidiaries of Chinese-state owned heavyweight food processing operation the COFCO Group also known as China Oil and Foodstuffs Corporation.
The turnover group buys and processes food products, with operations around the world, including an office in Melbourne.
The group also owns China Mengniu Dairy, which attempted to buy Australian drinks giant Lion Dairy in a $600m deal in 2019.
ASIC alleges COFCO manipulated the price of wheat contracts at least 34 times between January 17, 2022 and March 2022.
The regulator claims COFCO’s traders did this by placing orders shortly before the end of day sessions in a bid to affect daily settlement prices in a move known as “marking the close”.
ASIC claims this pushed the price down and did not reflect the genuine supply and demand for futures contracts in Australian wheat.
The daily settlement prices for Eastern Australian Wheat Futures contracts are specified by ASX Clear (Futures), the futures contracts arm of the Australian Securities Exchange.
ASIC alleges COFCO senior trader Nicholas McGaw was key to the alleged market manipulation via its broker JP Morgan.
