China rock lobster deal under fire – gives a foreign entity control of a highly valuable WA commodity
A veteran of WA’s rock lobster industry has hit out at a deal that allowed a Chinese conglomerate to buy local fishing rights. Peter Prideaux said the deal between Kailis Bros and Legend Holdings to create KB Foods set an alarming precedent for foreign ownership in the fishery. “The Western Rock Lobster Fishery is one of the most valuable fisheries in the world,” he said. “Competition for control, primarily by processors, and an ever smaller band of surviving fishers has driven access costs through the roof. “Pot prices and leasing costs have increased six-fold in about five years. This is not an industry suffering from lack of investment capital, in fact, quite to the contrary.” Mr Prideaux said the Legend deal effectively gave a foreign entity control of a highly valuable WA commodity. Read the rest here 11:26
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