New Zealand dairy firm Fonterra has apologised to consumers after its products were involved in a botulism scare.
The company's chief executive Theo Spierings admitted that batches of whey protein produced by the firm contained bacteria that can cause botulism.
Speaking to reporters in China, he explained infant formula and other products made by the company were exported to a number of countries.
"We regret the distress and anxiety which this issue could have caused,'' Mr Spierings said, adding: "Parents have the right to know that infant nutrition and other products are safe.''
China and Russia have already banned the import of the affected products made by the firm.
Prime minister of New Zealand John Key questioned why it took the company so long to raise the alarm about the affected batches of whey protein.
Both Fonterra's unit price and the kiwi dollar slid today (August 5th) on the back of the apology made by the firm's chief executive, Reuters reports.
Learn about the Asian markets and CFD trading at City Index
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.