South African fishing company Irvin & Johnson (I&J) has, through its parent company AVI Limited, terminated its partnership with consortium group Main Street 198 and begun a similar relationship with Twincitiesworld, a move that angered Main Street enough to threaten a governmental probe for wrongful termination.
The severed partnership with Main Street, a consortium comprising fishing companies Mast Fishing and Ntshonalanga, comes just three months after I&J announced a 5.1 percent decline in revenue for H2 2022. Total revenue in the six months totaled ZAR 2.47 billion (USD 137 million, EUR 123 million) due to depressed sales volumes attributed to lower fishing rights quotas and reduced total allowable catch.
I&J and AVI originally signed a Black Economic Empowerment (BEE) transaction with Main Street in 2004, a partnership that the involved parties extended in 2012, 2018, and 2022, respectively, before abruptly ending...
Photo courtesy of AVI Group
