New Zealand wholesaler goes bankrupt after bad deal
The sole shareholder of an Auckland seafood wholesaler has placed his company into liquidation following a sour NZD 2.9 million (USD 2.4 million, EUR 1.75 million) business deal stretching from Iran to South Korea.
So far, the liquidator’s report shows the company owes NZD 3.65 million (USD 3 million, EUR 2.2 million) to unsecured creditors, NZD 2.9 million of which is to Korean-based Silla Co. for a tuna shipment that sat in an Iranian port while the country’s currency plummeted.
The sole shareholder and director of Oceanic Seafoods is Masoud Bassam Tabar, according to the Companies Office. The company changed its name to XV Services just before it entered liquidation on 5 February.