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US: StarKist asked to explore sale of TechPack to pay price-fixing fine

By  |  June 18, 2019

The US Department of Justice asserted StarKist’s investment in TechPack Solutions, an India-based can and bottle technology firm, was worth more than the potential US$100 million  fine StarKist faces for playing a part in a criminal price-fixing conspiracy.

StarKist’s own expert witness placed the value of StarKist’s holding in TechPack at US $155 million, and prosecutors said the holding gives StarKist “more than enough to pay for … the criminal fine and expected payouts in civil claims,” according to a summary of the June 12 hearing.

However, StarKist, which is pushing to have its criminal fine lowered to US$50 million, claimed it cannot sell its holding in TechPack due to loan agreements requiring the consent of its lenders. StarKist also argued selling its stake would be difficult.

As a result of the dispute, US District Court Judge Edward M. Chen postponed the sentencing hearing, in which he was to determine the amount of StarKist’s fine, until after a August 7 hearing on the TechPack issue.

Full Content: Seafood Source

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