Bakery giant Canada Bread Co. has been fined $50 million after pleading guilty to its role in a criminal price-fixing scheme that inflated the price of bread in Canada for years.
It's the highest price-fixing fine ever imposed by a Canadian court, Competition Bureau Canada said Wednesday.
It also shines a spotlight on the Competition Bureau's ongoing investigation into the role of other companies, including Metro, Sobeys, Walmart Canada, Giant Tiger, and Maple Leaf Foods. Canada Bread, now a subsidiary of Mexico-based Grupo Bimbo, pleaded guilty to four counts of price-fixing under the Competition Act.
"We have acted ethically and lawfully at all times. We are not aware of and have never engaged in inappropriate or anticompetitive activity, and we will defend ourselves vigorously against any allegation to the contrary." "Under new ownership, Canada Bread is committed to being a responsible partner to our valued customers and making bread an accessible and reliable food source for Canadians," Canada Bread vice-president Alice Lee said in a statement.
"The paradox in all of this is we needed a Mexican company to clean the Canadian food industry up," said Charlebois, a professor of food distribution and policy at Dalhousie University."Nobody in Canada wants to admit guilt."
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