Marine Harvest Chile announced on Monday it lost a court case against former managing director Alvaro Jimenez Seminario and Salmones Sur Austral.
Marine Harvest has been sentenced to pay an indemnification of USD 12.3 million (EUR 9.4 million).
The company initiated legal actions for “serious breach of his corporate duties during his tenure.” The company aimed for civil liability of the former managing director for the breach of Chilean Corporate and Company law and the restitution of the benefits received from a fraudulent contract.
Marine Harvest Chile claimed that a rearing contract with Salmones Sur Austral was null and void because it was fraudulently organized and implemented by its former CEO, Seminiario, with the aid of shareholders. The defendant issued a counterclaim arguing that the contract was not void and that Marine Harvest Chile breached its obligations under the contract asking for an indemnification of loss of profits in the amount of USD 42.5 million.
The arbitrator rejected the claim made by Marine Harvest and partially accepted Salmones Sur Austral’s counterclaim.
This sentence is not final and the arbitration case is only part of the litigation promoted by Marine Harvest Group in Chile.
Marine Harvest will appeal the sentence. The Court of Appeals of Santiago will have to issue the final sentence.
