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.

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.

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.

Shareholder John Yates, of Auckland, yesterday promised "hard questions" when trustees discussed the closure with shareholders at a special meeting at Potahi Marae at Te Kao on Friday.

Source: The Northern Advocate