Managing Director fined
The former Managing Director of Murray Goulburn, Gary Helou has been imposed with a $200,000 fine by the Federal Court.
The Border Mail has reported today that the former MD has been penalised due to his involvement in the "Farmgate Milk Price" saga.
In 2015/16 Murray Goulburn was said to have given inaccurate and misleading information regarding the opening price for milk and the ability to maintain that price.
It was considered by the court that it did not allow dairy farmers all over Australia including the North East and Southern Riverina to plan for a downturn in demand for their milk.
The penalties were imposed on the senior executives, including the Chief Financial Officer but not Murray Goulburn itself as it is a cooperative and would directly penalise the farmers who the deception injured in the first place.