Liquidators in the British Virgin Islands (BVI) will wind up another unit of the Pacific Andes group outside the New York bankruptcy. Additionally, publication of the group's 2016 will be delayed as a company-ordered forensic review of its finances lumbers on, UnderCurrentNews.com reported yesterday. On June 2, a BVI court gave liquidators at the firm FTI Consulting the go ahead to wind up Richtown Development, a BVI-registered company, that sits roughly in the middle of the legal ownership chart of the group. According to documents submitted as part of a $1.5 billion New York bankruptcy proceeding, Pacific Andes International Holdings (PAIH) is the top holding company for the fishing firm, which is based in Hong Kong, but relies on a complex network of over 100 subsidiaries registered across the globe to do its work. PAIH, through two other subsidiaries, indirectly owns Richtown, which in turn indirectly has ownership stakes in some of the group's lucrative Peruvian fishmeal and fish oil production businesses. Over two dozen of those companies have filed for bankruptcy protection in New York where they are still managed by the Ng-family that founded the group.
