China Forestry fails to keep evidence in NZ during shipping dispute

The Achilles Bulker has been at Port of Tauranga since the rudder accident in July. (Image: Supplied)

Fri, 10 Nov 2023

The New Zealand arm of a multinational forestry group has failed in its bid to have evidence of a shipping failure preserved in NZ to help it with offshore arbitration.On July 24, the Achilles Bulker lost its rudder as it left Port of Tauranga.The ship, owned by SE Apex Corporation (SEA), was carrying logs owned by China Forestry Group Corporation (CFGC) NZ, a large forestry manager and exporter. CFGC had sold the logs but the buyer terminated the contract because China Forestry wasn’t able to deliver, so CFGC is claiming against SEA...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets

NZX listing costs to fall

The cost of providing PFI ranges from around $150,000 to $500,000, says NZX.

Rebecca Howard 2:45pm

Economy

NZ affected as Microsoft cuts up to 6,000 jobs

Microsoft's NZ employees are caught up in a global restructure some have linked to AI.

Dileepa Fonseka 2:45pm

NZ affected as Microsoft cuts up to 6,000 jobs

Retail

Briscoe Group has plans for smaller ‘Metro stores’

There could be an opportunity for up to 15 new stores, COO Andrew Scott says.

Gregor Thompson 1:00pm

Briscoe Group has plans for smaller ‘Metro stores’

Sponsored

Ready for the C-Suite leap?

Part-time programme. Full-time leadership transformation.

University of Auckland Business School

Sponsored

Active beats passive in tough times

Agile investing responds faster to market shocks and shifts.

Milford

More Law & Regulation

Law & Regulation

Peter Huljich is Pushpay insider trader, flagging further appeal

Rich-lister Peter Huljich has been revealed as the Pushpay executive convicted of insider trading.Huljich’s identity had been suppressed since he was charged by the Financial Markets Authority (FMA) in February 2022.The current case has been closely watched by markets as it marke...

Staff reporters 1:30pm