Tyson execs under investigation by the SEC

March 30, 2004, just-food.com: The corporate scandals that have been popping up all over the U.S.’s industrial landscape have reached the food sector. US meat processor Tyson Foods has announced that it has received notice of a formal, non-public investigation by the US Securities and Exchange Commission (SEC) relating to benefits received by certain company executives.

“The SEC is seeking information primarily with respect to the disclosure of perquisites provided to certain directors and officers of the company,” a spokesperson for Tyson said. The SEC will look into the business practices of chief executives Don Tyson, former senior chairman of the company, and John Tyson, chairman and CEO.

The company said it has been cooperating fully with the SEC and would continue to do so.

“The independent members of the board of directors have conducted a review of the matter. Based on this review, the company does not believe that the amounts involved are material to the company's financial position or results of operations; however, the company is presently unable to predict any action that the SEC might take,” the Tyson rep said.

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