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[LISTEN] #Listeriosis: How much money is Tiger Brands losing?

Reuters | The Money Show’s Bruce Whitfield interviews Tiger Brands CFO Noel Doyle.

CAPE TOWN - Tiger Brands CFO Noel Doyle says if suspension of operations continues, the company could lose about R50 million per month.

Tiger Brands on Monday conceded that it had independently verified the Department of Health’s finding that there was listeria in its Polokwane factory. However, the group refuses to admit guilt for any casualties.

Tiger Brands has not calculated the overall potential financial impact of class action suits following the outbreak of listeria at its factories which has resulted in 180 deaths since January 2017, its chief financial officer said on Monday.

“At this stage doing the calculations has been something that hasn’t been something that has preoccupied management,” Doyle said, adding that Tiger Brands was working “flat out” to find the source of the outbreak.

Tiger Brands said earlier it has received notice of two class action suits against it, with the total amount claimed estimated at R425 million.

Listen to the audio above for more.

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