Chinese tuna fishing company admits quota breaches

A LARGE Chinese-operated tuna fishing company has admitted breaching quotas for bigeye and yellowfin in the Pacific Ocean, the ABC has reported.

In a draft prospectus presented to the Hong Kong Stock Exchange, the China Tuna Industry Group revealed China had exceeded the catch quotas for the two tuna species for three of the last four years for which records are available.

The Dalian-based company claimed sanctions were ineffective and that, according to legal advice, it would not be penalised for its actions.

It also outlined plans for a public listing that it hoped would raise more than $100 million to fund expansion of its activities.

The Chinese government has slammed the company’s draft prospectus as “gravely misleading” and “incompatible” with China’s conservation and management measures.

In a letter to environmental group Greenpeace, the Chinese Bureau of Fisheries said the company’s actions were also in violation of laws and regulations.

“The Bureau is very surprised by this matter as the Bureau has never given approval for the China Tuna Industry Group Holdings Limited to engage in offshore fishing,” it said.

“[The China Industry Group] have not registered their fishing boats with any regional fisheries management organisation (RFMO) nor allocated any quota to the company.

“The [draft] prospectus has gravely misled investors and the international community, and caused a tremendous negative impact.”

Read full story at:


What's your reaction?

Related Posts

Load More Posts Loading...No More Posts.