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Iwi are demanding answers as dreams of hauling in fisheries riches
hit troubled waters in South America.
A Sealord venture called Yuken based in Ushuaia, Argentina,
the southernmost city in the world,
has run aground because of a troubled economy
and decline in deep sea species like hoki and warehou.
Sealord is 50% owned by Maori
and it looks as though dividends won't be paid to iwi this year.
Investing in South American waters was supposed to pay off handsomely,
but instead Sealord's fishing operation in Argentina has sunk.
The company's South American troubles were reported
in Aotearoa Fisheries Limited (AFL) half-year accounts,
along with revelations that the fishing giant
has stopped paying dividends to iwi.
Many of the northern tribes are asking me why their dividends
have dropped this year.
Sealord purchased Yuken in 2009,
it employs over 200 staff,
has two fishing vessels which fish deep sea species
such as hoki and warehou.
But Yuken has been hit hard by the Argentinian economy
and the decline in deep sea species.
So Sealords has quit,
and AFL has been stung by an impairment charge of $7 million.
It's costing millions to get out of that country, you're right,
and that basically means iwi are left to foot Sealords bill.
This year AFL has reported a huge drop in profits
from $17.3m to $7.2m.
Ngapuhi is considering future scenarios
regarding how it will manage its share of fisheries assets.
We'll wait until 2015,
which gives us another two years to consider what we want to do.
Te Karere is still waiting for a response from AFL.
Tina Wickliffe, Te Karere.