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Clean Seas claim against feed supplier may hit $39m

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Clean Seas Tuna’s claim for damages against a feed supplier it blames for the death of some of its fish has been independently assessed at $34.5 million to $39.1 million.

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The South Australian aquaculture company alleges that feed supplied by Gibson’s Ltd between December 2008 and July 2012 was deficient in taurine, which resulted in the death of some yellowtail kingfish and suppressed growth.

In June 2015, Clean Seas started legal proceedings in the Supreme Court of South Australia against Gibson’s to recover unquantified damages.

“The group’s solicitors have received from an independent expert forensic accountant, Brian Morris, and have served on Gibsons Ltd’s solicitors, a report which assesses the quantum of the group’s claim against Gibson’s Ltd to be in the range of $34.5 million to $39.1 million excluding interest and costs,” Clean Seas said in a statement.

Clean Seas said Gibson’s is defending against the claims and has denied all liability.

Taurine is an essential dietary requirement of a number of fish species, including yellowtail kingfish.

Clean Seas said in June 2015 that, after supplementing its yellowtail kingfish feeds with taurine from July 2012, the health of the company’s stocks materially improved.

Shares in Clean Seas were 0.2 cents higher at 4.4 cents at 1122 AEST.

-AAP

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