Seafarms Group Limited’s (SFG) Project Sea Dragon has lost an appeal in Australian federal court, with an earlier order to liquidate the company now standing.
In February 2024, Australian Court Justice Michael Derrington ordered the appointment of two liquidators of Project Sea Dragon after finding the company abused the Corporations Act in Australia. The project was originally billed as the world’s largest black tiger shrimp aquaculture project, comprising the development of 10,000 hectares with the first phase alone costing AUD 281 million (USD 186 million, EUR 170 million).
“Seafarms Group Limited will now engage with the appointed liquidators and work through the implications of the findings,” SFG said in a release on the Australian Stock Exchange (ASX). “SFG remains solvent and further announcements on the company’s engagement with the liquidators will follow.”
Project Sea Dragon has had a complicated history, with one former CEO claiming the project couldn’t proceed in its current form in April 2022 before resigning a month later at the behest of a major shareholder. Just under a year later in February 2023, the company faced a complete trading halt on the ASX after SFG placed the project into voluntary administration before later announcing it remained committed to the project.
That move to voluntary administration was a key factor in Derrington’s order to liquidate the company. Derrington wrote in the original ruling that ...
