Syngenta AG is looking forward to filing counterclaims against more than 750 grain farmers and exporters of US, who sued it sometime back. As per the reports, they filed a lawsuit against the company over the sales of a special type of biotech corn seed that rattled the trading with China previous year. The matter has been revealed by a recent regulatory filing.
The Insights On The Matter:
As per the documents filed with the Security Exchange Commission US, Syngenta AG, the largest crop chemical company of the world is evaluating the scope of filing a counterclaim against all the individuals who sued it. The company has decided to take the immediate action over Agrisure Viptera corn, also known as MIR 162 issue. None of the spokesmen of the company agreed to speak when reporters tried to contact them.
What Was The Issue:
In 2014, prominent grain handlers Archer Daniels Midland Co. and Cargill Inc along with hundreds of farmers sued Syngenta for the loss that caused because of China’s rejections of US crops’ shipments that contained MIR 162. The U.S government approved the trait for planting in the country, but not for import by China, which rejected the order. According to the SEC filing, 762 lawsuits had been filed against Syngenta as of January 28, which gave this matter a hype globally. The farmers claim that the company misled them as well as the entire nation about the timeline of the approval by China. Syngenta says that all of these claims are baseless and don’t make any sense.
According to Paul Hanly of Simmons Hanly Conroy, Syngenta’s counterclaims don’t make sense. It will be good to see how the company would fight its backstabbed counterclaim in the court. Representatives from ADM and Cargill decided not to comment on this issue.