|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
“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.