Food company Kraft Heinz has revealed it received a subpoena last year from the US Securities and Exchange Commission looking at "agreements, side agreements, and changes or modifications" to vendor deals and a misdeclared $25m payment. The announcement came as Kraft Heinz reported a $15.4bn writedown resulting from a consumer switch from processed products to fresh foods, and prompted the company's share price to slide by more than one fifth. In an email sent on Monday afternoon, Kraft Heinz's chief financial officer John Walsh said that he was not aware of any investigation into its food business.
Food company Kraft Heinz has revealed it received a subpoena last year from the US Securities and Exchange Commission looking at "agreements, side agreements, and changes or modifications" to vendor deals and a misdeclared $25m payment. The announcement came as Kraft Heinz reported a $15.4bn writedown resulting from a consumer switch from processed products to fresh foods, and prompted the company's share price to slide by more than one fifth. In addition, some analysts questioned whether the firm's cost-cutting drive had gone too far.