time to jump ship, page-2

Ha! This is classic Eric Barrett showing his 'back to the wall' mentality. "I don't this recorded" he told a room full of reporters. Needless to say it was news about an hour later. Many people within industry wonder how the hell he manages to keep his job.
The Conspiracy and Obstruction of Justice against the US Government charge is very very serious indeed and if Barrett is not aware of this then he should be made to walk. All shareholders have a right to know about this as it has the potential to severally effect the share price and company earnings in the future.



Ship arrest hits Sanford earnings

JAZIAL CROSSLEY 25/01/12

Listed fisheries company Sanford's earnings have taken a hit in the first three months of the current financial year due to its San Nikunau tuna boat being impounded in American Samoa for pollution.

The tuna fishing ship was put out of action for eight months after it was seized by authorities in July.

The company is charged with pollution, conspiracy and obstruction of justice in the United States for the vessel discharging oily bilge waste, and presenting false documents to the US coast guard and American Samoan authorities.

Sanford paid a $1 million bond to have the ship released but it will not resume fishing activities until February 1. Since being released from Pago Pago in December, the vessel has been tied up in New Zealand.

In the first three months of the financial year from October 2011, Sanford's sales were down 5 per cent compared to the same time a year earlier. Tuna sales suffered the most with the San Nikunau out of action.

The slideshow Sanford presented to NZX earlier today with its managing director Eric Barratt's AGM speech notes included a blank slide because he didn't want his rather non-committal comments about the case made public, even though he restated them at the public AGM today.

''I don't want this recorded,'' Barratt told the room of shareholders at Auckland.

''The San Nikunau was arrested, it was released under bond, and the company is facing some charges in the US going to court in Washington.

© Fairfax NZ News