Pacific Andes International Holdings issued a statement today, denying allegations by the Russian government that the company, based in China, has violated Russia’s rules on foreign companies operating within Russia’s borders.
Pacific Andes, along with its two listed subsidiaries, Pacific Andes Resources Development and China Fishery Group, which the company referred to in its release as “the Group,” stand accused of violating Russian law after a recent acquisition of Russian fishing assets.
According to the statement, Pacific Andes claims that it is legally conducting business in Russian waters, despite statements from the Russian government to the contrary that have appeared in various media outlets.
“Based on the latest available legal advice, the Group believes that the Group's supply of fish is in compliance with existing Russian law, and is sustainable,” the company’s statement read. “In view of these recent media reports, the Group, in prudence, will re-visit the legal position with lawyers and will try to seek further clarifications with [Russian authorities].“
The Russian Federal Anti-Monopoly Service has accused Pacific Andes of operating in Russian territory without approval from the service, and has encouraged the Chinese company to sell off its Russian assets and cease operating in Russia. The company, in response, stated that it will be seeking a solution with its neighbor.
“The Group treasures its long standing relationship with the Russian fishing industry, and it is the Group's aim to continue this relationship in compliance with applicable legislations and in line with the policies set by the Russian authorities,” Pacific Andes’ statement read.
