Monsanto, the US agricultural biotechnology titan, is cooperating with the Securities and Exchange Commission’s probe into some of its questionable business practices.
The probe covers documents pertaining to the sale of its glyphosate products in fiscal year 2009 and 2010. Monsanto recently reported a 77% leap in net income which, can be attributed to its strong arming of core seeds and genetic traits business.
Monsanto has been offering $20 per acre to utilize Roundup and Round Up Ready seeds, a GMO (genetically modified organism) strain that is resistant to the herbicide.
Monsanto saw their new income grow in the third quarter rise to $680 million, shares leaped from 70 cents to $1.26.
President of Monsanto, Hugh Grant, said he is taking the investigation seriously. Grant also notes that the investigation is “focused on our customer incentives and it’s focused on the 2009-2010 time frame… we’re just starting document production and we are cooperating to our full ability.”
In addition to being investigated by the Securities and Exchange Commission’s probe, Monsanto is also under investigation by the US Department of Justice. The Department of Justice is reviewing the possibility of Monsanto violating anti-trust laws in regards to its monopoly over the genetically-engineered seed industry.
We’ve covered Monsanto before in these posts:
5 Things You Need To Know About Genetically Modified Foods Or You’ll Die Twice
VIDEO: The Genetically Modified Food On Your Plate And The Millions Against Monsanto Campaign
Haitian Farmers Vow To Burn Monsanto Hybrid Seeds Pt 1
Take Action in Solidarity With Haitian Farmers Who Vow to Burn Monsanto’s Seeds