Taranaki iwi faces multi-million dollar shortfall in Korean fishing investment

Mon, 10 Sep 2012

By Paul McBeth Sept 10 (BusinessDesk) - Taranaki iwi Ngati Tama faces a multi-million dollar shortfall from its investment in a Korean fishing vessel, whose Indonesian crew jumped ship last year amid claims of abuse and substandard pay conditions. Liquidator Peter Coleman says the unsecured creditors of Tuere Fishing, which operated the Korean-flagged vessel FV Shin Ji, face a shortfall of some $3.4 million, according to his first report. The fishing company owes some $4.6 million to shareholder Ikatuna, the holding company used by Ngati Tam...

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