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FB Roundup: Cargill, Ab InBev, and chaebol crisis

Cargill invests $50 million is its Thai facility; Corona founder leaves $3 million to each villager in hometown; and Chaebol crisis heats up, leaders questioned

Cargill invests $50 million is its Thai facility

Family-controlled Cargill, the world’s largest agricultural commodities trader, is investing $50 million to expand its poultry-processing operations at its facility in Thailand.

Based in the Nakhon Ratchasima province, Cargill’s expansion will create 1,400 new jobs and add to the more than 13,500 people already working across 14 locations in Thailand.

The company said the expansion came amid an increase in customer demand and confidence in the quality of its chicken products.

Cargill was founded in 1865 by Will Cargill, who was later joined by his two brothers, Sam and James. Today the business is still controlled by about 80 members of the Cargill and MacMillan families.

In 2015, Cargill posted revenues of $1.58 billion, a 13% decrease from $1.8 billion the previous year. The secretive family still own 88% of the company and is now in its fourth generation.

Corona founder leaves $3 million to each villager in hometown

Antonino Fernández , the billionaire who helped build the Grupo Modelo group, known for its Corona beer, has left $210 million to the 80 residents of the Spanish village where he was born.

Under his will, the village will get a brand new cultural centre and a non-profit foundation with 300 employees will receive a donation. Each villager will inherit more than $3 million.

The billionaire died at the age of 99. As one of 13 children living in the tiny village, he was forced to leave school at the age of 14 because his parents could not afford the fees.

Corona Extra is the second most popular imported beer in the United States, and is Mexico's most popular beer. Corona Extra has annual sales of $693 million in the US alone.

Family-controlled brewer AB InBev, which recently became the world’s largest brewer with an estimated market capitalisation of $275 billion, owns the brand.

Chaebol crisis heats up, leaders questioned

Several chief executives of Korea’s largest conglomerates appeared at the prosecutor’s office over the weekend following allegations of involvement in funding foundations linked to the president.

Those involved include Lee Jae-yong, vice chairman of Samsung Electronics; Cho Yang-ho, chairman of Hanjin Group; and Hyundai Motor Chairman Chung Mong-koo.

Prosecutors are looking to determine why the magnates chose to donate extravagant funds to two foundations linked to President Park Geun-hye’s friend, Choi Soon-sil.

It is alleged current president, Park Gun-hye, used the foundation as an illicit slush fund, pressuring millions of dollars out of big companies.


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