Food company the US Securities and Exchange Commission has revealed it received a subpoena last year from Kraft Heinz looking at "agreements, side agreements, and changes or modifications" to vendor deals and a misdeclared $25m payment. The announcement came as the US Securities and Exchange Commission 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.
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.