Marua happy with payment award but wants interest, too

Nelson-based fishing company Amaltal will be handing over more than double the $6.1 million it has been ordered to pay a former Japanese joint-venture partner if the overseas company has its way.

But a spokesman for Talley's Fisheries, which part-owns Amaltal with Amalgamated Marketing, says the company plans to appeal against the High Court's findings and a counter-claim will be lodged.

The lawyer for Japanese company Maruha, Zane Kennedy, said his company was happy with the court's decision awarding it payment. However, he said the listed food company's battle in court was far from over as it sought another $6 million to $8.7 million in interest - following the judgment.

The case relates to tax issues between 1986 and 1991, when the two companies were involved in a hoki joint venture.

After a 23-day trial in Auckland, Justice Priestley this week ruled Maruha had proven a civil case of "deceit". Maruha had acted on Amaltal's false representations and suffered a loss. He also found a breach of fiduciary duty.

Amaltal, one of the country's largest fishing companies, has responded angrily to the judgment, with Talley's Fisheries director Andrew Talley describing the claims against Amaltal as "irrational".

Talley said the counter-claim was unrelated to another counter-claim brought against Maruha during the court proceedings which was dismissed by Justice Priestley as "singularly devoid of merit". Talley said the judge never questioned the veracity of Amaltal's evidence. "Any allegation that we misled or deceived Maruha is refuted entirely."

The two claims filed by Maruha against Amaltal had come from a "disgruntled employee" who took an unsuccessful grievance claim against Amalgamated Marketing.

Kennedy said Maruha believed Justice Priestly's decision was vindication for the approach it had taken with the claims.


- NZPA