Pacific Andes International Holdings Limited, through its subsidiaries, trades and processes frozen seafood products. The Company also trades marine fuel and provides vessel charter-hire services.
Two subsidiaries of the bankrupt Hong Kong-based fishing conglomerate (Pacific Andes Enterprises (PAE) and Europaco Limited) – are engaged in “trading of frozen seafood products”. But the subsidiaries, registered in the offshore finance center of the British Virgin Islands (BVI), may have used millions in funds lent for the purpose of buying fish and instead used it to help fund the NOK 4.786 billion ($806m) acquisition of Copeinca.
William Brandt, a trustee appointed by a New York court last year to oversee China Fishery Group’s operations, said that after conversations with David Sutherland, a past CFO of Morgan Stanley Asia who is performing work for Pacific Andes, he believes that a forensic report currently being drafted by the Hong Kong office of RSM Corporate Advisory “could clear up” many of the unresolved questions about the group’s accounting.
China Fishery, Pacific Andes’ fish oil and fishmeal subsidiary, filed for bankruptcy protection in New York on June 30 last year, along with over a dozen other subsidiaries of the main holding company Pacific Andes International Holdings.
Jason Smith (UndercurrentNews): Pacific Andes suspected of trade finance fraud used to fund 2013 Copeinca acquisition, 23 May 2017
Pacific Andes: Annual Report, 17 Jul 2008