Hall of Shame
China Fishery (CFG SP)
China Fishery is a fishing company listed in Singapore which primarily operates in China and Peru. It is controlled by another Singapore-listed company Pacific Andes Resources (PAH SP), which has a 71% stake. PAH is in turn controlled by a Hong Kong-listed company, Pacific Andes International (1174 HK) which owns a 66% stake.
In late 2014, HSBC commissioned the Hong Kong office of FTI to find out what happened to the money the bank had lent to China Fishery — more than $100m.
Asia’s biggest banks, had a $650m loan, extended in March 2014, to various units of China Fishery Group, a Hong Kong-based, family-controlled company. Creditors raised concerns regarding the Ng family over “questionable transactions totalling more than $1bn and suspicions of substantial overstatements of revenues and receivables/prepayments” made by the group.
THE Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) began a probe in August 2015. MAS and CAD required China Fishery and PARD to provide information and documents for the period from Oct 1, 2011 to Aug 20, 2015, relating to both companies and their subsidiaries, as well as their dealings with certain third parties including the group’s trading party. Those third parties were not interested persons. The government agencies had been investigating the companies for an offence under the Securities and Futures Act.
In mid-2016, both companies along with around 20 affiliates filed for US bankruptcy protection.
Oct: 2019 - The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) have concluded a four-year investigation into beleaguered Pacific Andes Resources Development (PARD) and its indirectly owned subsidiary, China Fishery Group with no further action.
FT: Frozen assets: Big Asian banks battle with China Fishery - Jan 2018
StraitsTimes: MAS, CAD end 4-year probe on Pacific Andes, China Fishery with 'no further action - Oct 2019
China Fishery: Annual Report 2014