Isidoro Quiroga, former owner of Legend Holdings Corporation, is facing a lawsuit after allegedly defrauding the company by selling it for $900 million.
Legend Holdings Corporation has also filed lawsuits against Isidoro Quiroga in Florida and UK. (Photo: The Law Place)
A Filed Lawsuit By Legend Holdings Corporation
China-based parent company Legend Holdings Corporation, the owner of Chilean salmon farmer Australis Seafoods, has filed a lawsuit in the United States against former Legend Holdings Corporation owner Isidoro Quiroga, accusing him of defrauding the company when he sold it for $900 million.
Legend Holdings Corporation alleges that Quiroga failed to disclose that Australis was surpassing Chile’s salmon production limits to artificially inflate its sale value. Legend Holdings Corporation claims that if Australis had operated legally, its shares would have been valued at less than $350 million.
Legend Holdings Corporation has already filed lawsuits against Quiroga in the UK and Florida. Legend Holdings Corporation also wants Delaware court to invalidate asset transfers made by him using the sale proceeds.
According to a published article by Bloomberg.com, Australis, which is owned by the Legend Holdings Corporation and accounts for approximately 10% of Chile’s annual salmon harvest, plans to use a Delaware asset-transfer law to recover funds from the deal.
“Unsafe” And “Aggressive” Actions Of China
In a published article by Al Jazeera, the United States has accused China of engaging in “unsafe” and “aggressive” actions in two separate incidents. On May 30, a Chinese fighter jet flew in front of an American spy plane in the South China Sea, causing turbulence.
Then, on June 5, a Chinese navy vessel crossed the path of a US destroyer in the Taiwan Strait, forcing the US ship to slow down. The US views these near misses as a sign of China’s growing aggressiveness, while China claims the US is provoking risks by conducting close reconnaissance near its shores.
There are concerns that these incidents could lead to a larger conflict given the deteriorating relations between the two countries. The US considers China its biggest challenge and has been increasing its diplomatic and military presence in the Asia Pacific region, including through freedom of navigation exercises in contested waters near China.
