Arkansas Attorney General Tim Griffin confirms that Syngenta Seeds, a Chinese-owned company, has settled a $280,000 civil fine for contravening Act 1046 of 2021. The violation pertains to the company's failure to file timely papers regarding its land holdings, resulting in a penalty equivalent to 25% of the property's fair market value.
In response to the violation, Arkansas has directed Syngenta subsidiary Northrup King Seed Co. to sell 160 acres of farmland. Griffin emphasized that, as a foreign-owned entity, Syngenta was obligated to report its agricultural land ownership promptly, a requirement it failed to fulfill within the specified timeframe.
Act 636 of 2023 mandates Syngenta to dispose of its Craighead County property within two years, aligning with the state's prohibition on foreign entities owning agricultural land. The settlement underscores the importance of adherence to land ownership regulations, with Arkansas taking decisive measures to ensure compliance and transparency in the agricultural sector.
Source : wisconsinagconnection