Some investors doubt the firm's scallop production damage has been as serious as it was announced. (Photo: Stock File)
Dalian-based seafood firm Zhangzidao Group Co claimed having experienced big damage to its scallop stocks due to a rare natural disaster but there are suspicions that the marine producer may have used the natural disaster as a cover for financial fraud.
The firm announced its loss amounted to over CNY 860 million (USD 139.9 million) as a result of a cold water current that swept into the northern Yellow Sea from June to August and wiped out the scallop stock in the sea, Global Times reported.
This mollusc stock, which is one of the firm’s key products, had been reared for three years and was set to be harvested this year.
"The greater volatility of water temperature [brought by the cold water current] is the major reason for the losses," the firm said in a statement filed with the Shenzhen Stock Exchange where it is listed.
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