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Lucky Me! Owners Lose Billionaire Status After Noodle Recall: Forbes

Monde Nissin market value drops.
by The reportr team
A day ago
Photo/s: Jay Directo, Agence France-Presse

The recall of Lucky Me! has triggered a stock rout that caused two of its top officials to lose their billionaire status, Forbes Magazine reported.

Monde Nissin co-founder Betty Ang and chairman Hartono Kweefanus dropped out of the billionaires list after news of the recall wiped out P24.4 billion in the company's value, said Forbes, which periodically ranks the world's billionaires.

EXPLAINER: What is Ethylene Oxide at the Center of Lucky Me! Recall? 

France and Ireland have recalled variants of Lucky Me! Pancit Canton and Beef Mami after higher-than-allowed levels of ethylene oxide were detected. Malta cautioned consumers against consuming the Filipino favorite.

Lucky Me! said its products meet safety standards.

The Philippines' FDA said it was investigating the recall and that it was checking the compliance of Monde Nissin with local law.


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Philippines' Richest Billionaires 2021: How Many Air Fryers Can They Buy?

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