Lukas Paravicini

Fonterra publicly denied having asked its suppliers to wait up to 90 days to be paid. Lukas Paravicini, chief financial officer, Fonterra, has recently appeared on TV to address criticism received from suppliers themselves, which he deemed ‘not true’.
Paravicini explained that, whilst around 1000 of them were being asked to accept longer payment times of up to 60 days, the majority were being paid within 30 days.
“What I do accept and I do apologise for is the pace we set for those 1000 suppliers,” he said, adding the only relevant delays (up to 6 months) involved products sold internationally.
Meanwhile, the dairy co-op had cut its forecast payout to farmers to $3.90 and confirmed it was closing its Kaikoura cheese plant.