China’s Largest Food Processor Sued for Alleged Manipulation of Australian Wheat Prices

A Chinese Communist Party company has been sued by ASIC after claims of price manipulation.

Wheat heads reach for the sun in a field near Cremona, Alberta, on Sept. 6, 2022. Jeff McIntosh/The Canadian Press

An Australian watchdog has launched civil penalty proceedings against a Chinese Communist Party (CCP)-owned food processing giant accused of meddling in local wheat prices.

The Australian Securities and Investments Commission (ASIC) has sued local subsidiaries of the China Oil and Foodstuffs Corporation (COFCO) for alleged price manipulation on 34 occasions.