Kiwifruit exporter Zespri says its legal problems in China relating to Shanghai Court action over its subsidiary ZMCC are now concluded.
As a result, it has removed a provision against potential financial penalties and lifted its profit range for the current financial year ending March 31.
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Zespri paid a $1.1 million fine last year relating to its invoicing issues in China. However, it had also set aside a $13.9 million provision in 2012/13 against possible penalties relating to illegal gains.
"We've been investigating this a lot and through that investigation we have come to the view that all of the things relating to the illegal gain have now been closed out with the Shanghai Court," Zespri chief financial officer Dave Hazlehurst told the Bay of Plenty Times.