Pescanova sues builder for aquaculture facility faults

Date: July 1, 2013

The Galician multinational firm Pescanova, which is in financial difficulties, has filed a lawsuit against the firm Sacyr, arguing that faults in the construction of the Portuguese aquaculture plant caused several accidents and losses exceeding 50 per cent of its production.
According to sources close to the firm, a failure of the dewatering system caused the death of the majority of the turbot juvenile specimens and huge economic losses.
Pescanova’s aquaculture plant in Portugal carried insurance in case of accidents, so that a portion of the losses of fish production would  likely have been covered.
The Pescanova plant, located in the town of Mira, received a total of EUR 45 million in grants from the Government of Portugal: EUR 40 million from the Ministry of Economy and Agriculture and EUR 5 million for tax credit.
This factory exports 99 per cent of its production to the European Union (EU), but has not yet fulfilled its goal of reaching 7,000 tonnes of the expected production yet. According to the available information, 2,880 tonnes was produced in 2010, 3,931 tonnes in 2011; and 4,397 tonnes in 2012.
Pescanova admits that the accidents cost about EUR 70 million and it is seeking damages from those it deems responsible for the loss.

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