Wealth

Billionaire No More: Monde Nissin Executive Cut From Forbes List After Lucky Me! Ethylene Oxide Issue

From billionaire to millionaire.
IMAGE Yummy.ph
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Monde Nissin executives have witnessed their net worths get slashed following the company’s ethylene oxide controversy regarding its Lucky Me! products. Monde Nissin president Betty Ang and chairman Hartono Kweefanus saw their wealth drop during the stock crash, with Kweefanus dipping under $1 billion, thereby removing him from the Forbes global billionaires list. 

Last week, European countries as well as Taiwan reported product recalls for Lucky Me! products due to traces of ethylene oxide found by regulators. Stocks promptly tumbled following the news, going as low as P12.980 on Thursday afternoon just hours after opening at P14.280. 

According to Monde Nissin, ethylene oxide is a “commonly used treatment in spices and seeds to control microbial growth typical in agricultural products. These materials, when processed into seasoning and sauces, may still show traces of ethylene oxide.” 

However, stocks still dipped last week, causing the company to lose $436 billion (P24.4 billion) in market value, thereby cutting Monde Nissin’s chairman from the global billionaires list. 

Betty Ang net worth is estimated to be $1 billion from $1.4 billion last year, while Kweefanus’s current net worth is estimated to be $982 million from $1.95 billion last year. 

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Anri Ichimura
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