REUTERS: The U.S. Commodity Futures Trading Commission said on Thursday Kraft Heinz Co and Mondelez International Inc will pay US$16 million in penalty regarding a wheat manipulation case that dates back to 2015.
Kraft Heinz, which was Kraft Foods until 2015, and Mondelez bought US$90 million of December 2011 wheat futures, which gave the companies a dominant position in the market, even though they never intended to take possession of the grain CFTC said.The move sent a false signal that the companies had demand for wheat and caused an artificial price that earned them more than US$5 million in profits, CFTC said.
Wheat futures and options traders had also accused the companies of illegally manipulating the grain's price at their expense.The penalty is about three times the companies' alleged gain, the CFTC said in a statement.
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