Freedom Foods (now Noumi) former chief financial officer Campbell Nicholas has been penalised for his part in covering up warehouses full of expired stock,which he has expressed remorse for.
Four years on,a Federal Court judgment and court documents lay bare fresh details of the cover-up that brought the maker of Milklab to its knees.
Households might be watching their budgets,but the chief of Milklab’s manufacturer is confident Australians will keep making coffee at home.
The corporate watchdog is suing two top executives at Freedom Foods who exited the company days before a write-down that brought it to its knees.
Milklab sales were one of the few bright spots in Noumi’s 2022 financial year numbers that otherwise almost entirely went backwards.
ASX-listed Noumi is close to wrapping up one dispute with US almond growers over its prized brand – but now faces another legal challenge.
Few coffee drinkers would know the company behind the popular plant-based milk product Milklab is involved in a spectacular corporate implosion.
Noumi chief executive Michael Perich is hoping to benefit from growing appetite for plant-based milks as rising milk prices eat into profits.
Freedom Foods has confirmed it will have to write down an extra $35 million of inventory and increase its allowance for doubtful debts.
Investors sent ASX-listed food maker Freedom Foods shares plummeting after the company said its chief executive Rory Macleod was on leave a day after the resignation of its chief financial officer.
A 37 per cent jump in sales in China combined with substantial growth in branded groceries in Australia has propelled diversified food manufacturer Freedom Foods to a record profit.