France: Sugar group fined for late payments

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Paris: French ethanol and sugar producer Tereos has been fined for late payments to suppliers. According to the filing published by state watchdog, 390,00 Euros penalty has been imposed.

The world’s second-largest sugar producer by volume, Tereos is grappling with the financial losses due to the low price of sugar since the end of European sugar quotas in 2017. This has increased the debt levels of the company.

According to the news report published by Reuters, the group in March had asked the suppliers to reduce prices to help it to sustain during difficult economic circumstances.

The penalty has been published on the website of Directorate-General for Competition, Consumption and Fraud Prevention (DGCCRF), France which is authorized to issue fines.

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