Cosatu slams Tiger Brands 'profiteering'

COSATU and the SACP are not impressed with profits announced by Tiger Brands yesterday.

COSATU and the SACP are not impressed with profits announced by Tiger Brands yesterday.

The company, which paid a fine of R98,8million in 2007 for fixing the price of bread, this week announced a profit of 8percent to R2,5billion for the year ending September.

Their products include Albany bread, All Gold products and energy drink Energade.

Cosatu said it would demand that the Competition Commission investigate the huge profit margin.

Cosatu spokesperson Patrick Craven said the profit raised suspicions that there was still collusion.

"We know that the workers who produce these products have seen nothing of those profits. We want to know where this money is going," said Craven.

SACP spokesperson Malesela Maleka said there was an "air of arrogance" for the company to parade its profit which would not benefit workers and consumers who were affected when prices were fixed.

Tiger Brands attributed its earnings to a series of repackaged consumer brands. - Anna Majavu and Kingdom Mabuza

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