Cambodian shrimp processor, private equity spar

Nautisco Seafood Manufacturing Limited, the Kingdom’s bellwether seafood processor, is slated for a restructuring after its parent company claimed minority shareholder Leopard Capital had put Nautisco in “dire financial health.”

Leopard Capital, a leading private-equity firm in the Kingdom, yesterday criticized the move, saying representatives from majority shareholder Nautisco Inc. never consulted Leopard prior to the request for restructuring.

“The decision to restructure occurred after Nautisco HK, an affiliate of Leopard Capital, took a number of actions under their leadership that placed Nautisco Seafood Manufacturing Limited under severe financial stress,” a statement released late on Friday by Nautisco Inc said.

Nautisco Inc claimed Leopard “took control of the board and management of Nautisco Seafood Manufacturing Limited” and put the company “in dire financial health through sophisticated financial structures that benefitted the minority partner with disrespect for fiduciary duties and conflicts of interest”.

The more than 700 employees working at Nautisco Seafood last June had dwindled to fewer than 20, Nautisco Inc.’s statement claimed.

Click here to read the full story from The Phnom Penh Post >

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