LASCO DISTRIBUTORS LIMITED
JSE RELEASE
FAVOURABLE SETTLEMENT BETWEEN LASCO DISTRIBUTORS LIMITED AND JOHNSON & JOHNSON LIMITED
On November 3, 2010 Lasco Distributors Limited (LDL) settled a dispute with its former distribution partner, Johnson & Johnson. LDL had made a provision of $47M in the previous financial year ended March 31, 2010. Based on the settlement, LDL had to pay $15.4M, as such the over provision of the difference of $31.6M will be written back to profit for the quarter-ending December 31, 2010.
