Tate & Lyle has been fined £18m over the 2010 sale of its EU sugars business to American Sugar Refining (ASR).
American Sugar Holdings, part of ASR Group, had sued for claims totalling around £40m at London’s Commercial Court in relation to the £211m deal in September 2010.
Tate & Lyle revealed yesterday that the court had found in favour of ASR on two elements of its claim, awarding damages of £18m. Interest and costs are yet to be determined.
The claim was initially disclosed in Tate & Lyle’s annual report in 2012 and the expected announcement of this judgement was highlighted in its trading statement on 29 July 2015.