Pacific Andes clarifies media reports

The Group says it does not own any fishing quotas in Russian waters.

The respective boards of directors of Pacific Andes International Holdings Limited and of its two listed subsidiaries Pacific Andes Resources Development Limited and China Fishery Group Limited wish to clarify certain recent media publications relating to the Group’s Contract Supply business.

The statement said PAIH is listed on the Mainboard of the Hong Kong Stock Exchange while PARD in turn is the holding company of CFGL. Both PARD and CFGL are listed on the Mainboard of the Singapore Exchange Securities Trading Limited.

According to the Group, there have been allegations in certain media publications that it owns fishing quotas or owns or operates fishing vessels in Russian waters in violation of the applicable laws of the Russian Federation.

The Group confirms that it does not own any fishing quotas in Russian waters nor owns or controls any Russian fishing companies that have such quotas nor operates any fishing vessels in Russian waters.

Based on legal advice, the Group believes that the Group’s fish supply arrangements are in full compliance with all relevant laws and regulations of the Russian Federation.