Greenpeace on Thursday released an investor alert warning of the risks associated with U.S. tuna canner Bumble Bee Foods, reported to be up for sale for USD 1.5 billion (EUR 1.18 billion).
The alert, which was sent to investment advisors and companies reported to be placing bids to acquire Bumble Bee, details what it said are risks associated with the company, including links to illegal, unregulated and unreported (IUU) fishing; shark finning; the human rights abuses associated with longline fishing; and the decline in tuna consumption in the United States.
“Bumble Bee is leading the American tuna industry in the wrong direction by continuing to sell tuna caught in incredibly destructive ways,” said John Hocevar, oceans campaign director for Greenpeace. “Meanwhile, the market is changing as retailers introduce their own brands of sustainably caught tuna to meet consumer demand. If Bumble Bee wants to be the leader it claims to be, it needs to stop focusing on misleading marketing and start focusing on cleaning up its supply chain.”
Greenpeace alleges that a supplier vessel from the South Pacific Tuna Corporation (SPTC) recently settled out of court for USD 125,000 (EUR 99,000) after being charged with illegal fishing in the Marshall Islands. In another incident in 2013, five SPTC purse seine vessels were charged with five counts of setting their nets on whales and 12 counts of violation of the Western and Central Pacific Fisheries Convention Implementation Act, resulting in a total of USD 953,054 (EUR 755,500) in fines.
The alert also points to the growing number of more sustainable private label canned tuna products offered by U.S. grocers, and to the concerns of the Scientific Committee of the Western and Central Pacific Fisheries Commission (WCPFC) about the increased fishing rate and effort focused on albacore tuna in the South Pacific.
“While Lion Capital is washing its hands of Bumble Bee, the new owner will inherit a series of problems in the company’s tuna supply chains,” said Hocevar. “Potential buyers should be aware of the risks of entering into the tuna business. Only products that are fully traceable, environmentally sustainable and socially responsible will have a place in the market.”
