Tag Archives: shell companies
Lawsuit alleges Cooke Aquaculture using shell companies to skirt U.S. law
Cooke Aquaculture, one of New Brunswick’s largest companies, has asked for dismissal of a U.S. lawsuit accusing it of using a complex web of shell companies to break anti-foreign ownership laws. Saint John-based Cooke Aquaculture has owned Omega Protein, in Virginia, since 2017. Omega is affiliated with another company that operates a Chesapeake Bay menhaden fishery, a small baitfish used to make fishmeal, fish oil and other products. The menhaden fishery under Omega has concerned environmental activists, who say the company is overfishing a fish that many species up the food chain depend on in the Chesapeake Bay, which is slightly smaller than the Bay of Fundy. The lawsuit alleges Cooke is violating the American Fisheries Act, which requires 75 per cent of a company fishing in the U.S. to be owned by a U.S. citizen. more, >>CLICK TO READ<< 07:35
