(Bloomberg) -- Chinese seafood producer Joyvio Food Co. filed a criminal fraud allegation against a Chilean business leader over a $900 million salmon farm deal that went sour.
In a press release circulated Saturday, Joyvio said it had been the victim of “one of the biggest frauds in Chile’s history”, for which it blames businessman Isidoro Quiroga and his associates.
Joyvio, is a subsidiary of Beijing-headquartered Legend Holding Corp., alleges that Quiroga hid the fact that the company was in breach of salmon production limits.
Read more: Chile Salmon Spat Is Cautionary Tale for China Overseas Ventures
Quiroga has repeatedly denied wrongdoing, and in a libel suit filed earlier this year alleged that Joyvio and its board had been aware of the overproduction, which was an industry-wide practice before 2021.
The latest complaint “just demonstrates that the extortive scheming by Grupo Joyvio against Isidoro Quiroga, his family and his associates hasn’t been successful,” Quiroga’s family office said in a statement Saturday.
(Adds statement from Quiroga’s office in final paragraph)
©2023 Bloomberg L.P.