Clean Seas told the stock exchange that it had served proceedings in the Supreme Court of South Australia against a former supplier, Gibson’s Limited (trading at Skretting Australia).
In a statement, Clean Seas CEO Craig Foster said that the company’s proceedings assert that the feed supplied by Gibson’s Limited during 2009 - 2012 contained insufficient taurine – an essential dietary requirement for Yellowtail Kingfish and a range of other fish species, reports INDaily.
Mr Foster said the company believed the deficiency led to mortalities and poor growth in its Yellowtail Kingfish stocks.
“The company claims that it sustained substantial trading losses as a consequence,” Mr Foster said.
“The company’s solicitors have engaged independent forensic expert accountants to produce a report quantifying the company’s losses attributable to this claim.”
In its statement, the company said that after it began supplementing Kingfish feed with taurine from July 2012, “the health of the company’s stocks materially improved, and fish survival rates and growth has since then exceeded all previous benchmarks”.
