Questions as Far North kingfish farm folds

NEW ZEALAND - A kingfish farm set up by Maori in the Far North two years ago is folding with debts of $7.6million. </b> <br><br> Parengarenga Fishfarm Ltd is shutting down the farm it established by the Parengarenga Harbour, citing financial troubles and constant problems with its land-based aquaculture plant. <br><br> The closure has caught many of the 2500 shareholders by surprise. Until recently the fish farm, a Parengarenga Incorporation subsidiary, had been hailed as a prime example of Maori economic development in the North. <br><br> Shareholder John Yates, of Auckland, yesterday promised &quot;hard questions&quot; when trustees discussed the closure with shareholders at a special meeting at Potahi Marae at Te Kao on Friday. <br><br> <i>Source: The Northern Advocate</i>

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