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Questions as Far North kingfish farm folds

by the Fish Site Editor
07 June 2006, at 1:00am

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 &quot;hard questions&quot; when trustees discussed the closure with shareholders at a special meeting at Potahi Marae at Te Kao on Friday. <i>Source: The Northern Advocate</i>

the Fish Site Editor