Fishing venture wound up

Press, 30 March 1981, Page 10

Fishing venture wound up

PA Wellington A joint New Zealand-South Korea fishing venture is being voluntarily wound up after poor catches and heavy losses. The company, Bing Harris Samhwa New Zealand, Ltd, was launched in 1979 to catch squid and wetfish, and was the only joint venture whose boats fished in local waters all year round. Catches, however, were disappointingly low, and operating and processing costs high. About April last year the two Korean vessels left New Zealand and did not return. It, has now been decided voluntarily to wind up the company.‘The liquidator, Mr Michael Morris, a Wellington chartered accountant, said there was no question of

outside creditors who had not been paid. Company spokesmen for Bing Harris, the Wellingtonbased partner in the company, were not available for comment. Sources indicated, however, that Bing Harris did not suffer any losses from the venture. Heavy losses were incurred by the Korean companies, Samhwa Company, Ltd, and Daewang Fishing Company, Ltd. Bing Harris is believed to be disappointed with the outcome of the venture, but regards it as. a useful experience in its drive to-expand and diversify. The company was unlikely to take part in other jointventure fishing schemes under ; the present circumstances, according to the sources.