The chief executive of Coles has admitted the supermarket giant had let down its suppliers following claims the company was underpricing the wholesale value of goods. Speaking before a Senate inquiry into supermarket prices, Coles boss Leah Weckert said the chain needed to improve its relationships with suppliers. It comes following previous allegations at the inquiry that supermarket giants were paying prices for goods to primary producers well below market value.
Inquiry chair and Greens senator Nick McKim warned Banducci a failure to answer the question directly may lead him to being held in contempt by the Senate. Such a charge comes with a fine of up to $5000 and a possible prison sentence of six months. The failure to disclose the answer led to the inquiry being forced to suspend its hearing for several minutes. While the chief executive avoided being held in contempt, Banducci didn’t provide the full number, admitting he did not know the figure.
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Source: 7NewsMelbourne - 🏆 18. / 59 Read more »