Sergio Lecaros Menendez, president of Coloso. (Photo: Anapesca)
CHILETuesday, January 06, 2015, 23:30 (GMT + 9)
After a year and a half arbitration between Sociedad Pesquera Coloso, Pesquera Iquique Guanaye (Igemar) and Empresa Pesquera Eperva (Eperva), the dispute ended this week.
According to arbitrator Sergio Urrejola, the sale price Igemar and Eperva have to pay to Coloso for 20 per cent of stake in Orizon totalled USD 51.63 million.
In 2013, Coloso had agreed to sell to Angelini-Igemar-Eperva Group 20 per cent of its total stake of 40 per cent in Orizon fish canning company, Diario Financiero recalled.
While Coloso gave the 20 per cent in Orizon a value of USD 53.97 million, Eperva and Igemar were calculating a value of USD 39.10 million for it.
Coloso will receive an additional USD 12.53 million payment following the arbitration. It is expected that the payment will generate a positive effect for the same amount in the last financial year.
Meanwhile, Igemar and Eperva had already paid USD 39.10 million when the shares were transferred.
"One thing to point out is that the arbitration ruling was sought because of different opinions in the interpretation of a calculation in a contract that is not complex, it does not require particular attention," said Coloso’s president, Sergio Lecaros Menendez,Pulso reported.
"I think that the current legislation has all the necessary tools to control fish theft," he added.
In 2013, Coloso’s head told Diario Financiero that they had "An excellent relationship with Angelini group" and hoped it remained intact.
"We have been partners in two fishing companies (Corpesca and Orizon) for many years and this arbitration proceeding is simply caused by different opinions between the parties regarding the interpretation of the contract," he said at the time.