Update on the C2 Vietnam Situation:
Universal Robina Corporation (URC) was informed that the MOH of Vietnam has already finished their audit of the URC Hanoi operations. This is part of an ongoing regular audit of URC operations in Vietnam which commenced some time on May 9, 2016.
Based on their audit results indicating one batch of C2 and one batch of Rong Do as having exceeded Vietnam product safety standards, a corresponding fine will have to be paid.
URC Vietnam immediately conformed with the findings and paid the said fine.
We are encouraged by the fact that following the strict audit of our factory operations in Hanoi and collection of 30 samples of finished goods and raw materials used therein, the findings were confined and limited to two specific batches of finished goods. It will be remembered that a total of five batches of goods were initially tagged as having exceeded standards.
We are also encouraged by the fact that these two specific batches, per their audit findings, marginally exceed the limits of Vietnam product safety standards - one of the strictest in the world - versus what was initially reported that these products have exceeded 10 times more than what was allowed.
URC reiterates its commitment to full compliance with product safety standards wherever it operates as we look forward to providing the consumers the same products of the highest quality that they have come to expect from URC throughout the years.