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Joincare charged in gutter oil scandal
By Li Qian |
August 30, 2012, Thursday
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Online Edition
Online Edition
ONE of China's largest health products manufacturers was exposed to have purchased 1.62 million tons of swill oil to make a major intermediate for antibiotics now sold widely in the market.
Jiaozuo Joincare Biological Product Co Ltd in Henan Province, a subsidiary of Joincare Pharmaceutical Group, spent 145 million yuan (US$22.82 million) in 2010 and 2011 on swill oil collected from gutters, prosecutors said.
The scandal came to light authorities were investigating another illegal trading of swill oil in Ningbo, eastern Zhejiang Province, People's Daily reported today.
Prosecutors said Jiaozuo Joincare is the largest customer of Henan Huikang Grease Co Ltd, which bought a massive amount of swill oil and blended it with standard oil for sales as raw materials.
Jiaozuo Joincare bought the swill oil at 8,950 yuan per ton, nearly 2,000 yuan less than the market price of standard oil, prosecutors said.
The company admitted purchasing oil from Huikang but argued that it didn't know the oil was made from swill oil.
The use of swill oil earned the company 941 million yuan in 2010, almost half of the total revenue of the Shenzhen-based Joincare Pharmaceutical Group. But the figure dropped to 698 million yuan in 2011 after it ended business with Huikang and turned to a state-owned cereals trading firm, the paper said.
Jiaozuo Joincare Biological Product Co Ltd in Henan Province, a subsidiary of Joincare Pharmaceutical Group, spent 145 million yuan (US$22.82 million) in 2010 and 2011 on swill oil collected from gutters, prosecutors said.
The scandal came to light authorities were investigating another illegal trading of swill oil in Ningbo, eastern Zhejiang Province, People's Daily reported today.
Prosecutors said Jiaozuo Joincare is the largest customer of Henan Huikang Grease Co Ltd, which bought a massive amount of swill oil and blended it with standard oil for sales as raw materials.
Jiaozuo Joincare bought the swill oil at 8,950 yuan per ton, nearly 2,000 yuan less than the market price of standard oil, prosecutors said.
The company admitted purchasing oil from Huikang but argued that it didn't know the oil was made from swill oil.
The use of swill oil earned the company 941 million yuan in 2010, almost half of the total revenue of the Shenzhen-based Joincare Pharmaceutical Group. But the figure dropped to 698 million yuan in 2011 after it ended business with Huikang and turned to a state-owned cereals trading firm, the paper said.
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