Tnuva to lower prices as chairperson resigns amid probe

Dairy company's Zehavit Cohen says she wants to focus attention on Antitrust Authority investigation into claims company hid information; prices to drop 15%.

By JPOST.COM STAFF, GLOBES
October 2, 2011 11:13
1 minute read.
Tnuva to lower prices as chairperson resigns amid probe

Tnuva milk bags 298.88. (photo credit: Ariel Jerozolimski)

 
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Tnuva Food Industries announced on Sunday that it would be lowering the prices of its dairy products, as the company's chairperson, Zehavit Cohen resigned her position, pending an investigation into the company by the Antitrust Authority.

The price of dozens of Tnuva products will go down by 15 percent beginning on Tuesday.

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The move came after months of nation-wide protests against high dairy prices, including a boycott on cottage cheese.

Tnuva representatives stated that the price decrease came as a result of a decrease in the price of milk.

Cohen announced on Sunday that she is resigning her position, pending the conclusion of an investigation into the company by the Antitrust Authority.

Cohen stated that she wants to focus her attention on the investigation. She will continue in her role as manager of Apax Partners in Israel, the conglomerate that owns Tnuva.

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She will also retain her position on Tnuva's board of directors.

Shlomo Rodev will take Cohen's place as Tnuva's chairman on an interim basis. Rodev formerly served as the chairman of Bezek's board of directors.

The Antitrust Authority opened an investigation against Tnuva last week. Cohen and CEO Arik Shore were questioned for not providing information requested by the authority. Antitrust Authority investigators raided Tnuva’s offices last Sunday morning. Withholding information from the Antitrust Authority is a criminal offense.

As part of the authority’s investigation into the dairy market, it asked Tnuva and other dairy companies for information. Tnuva provided information, but the authority concluded that Tnuva was concealing information and that it had not provided everything demanded. Antitrust Authority investigators confiscated documents and questioned senior Tnuva executives under caution.

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