(Jamaica Gleaner) Caribbean Aquaculture Limited, the second of Jamaica’s two marine shrimp farms, has closed down operations due to praedial larceny and financial problems being experienced as a result of the imposition of duties on its inputs.
The company has been placed in liquidation and sent home its 88 workers.
Established in 2007, the farm, located at Brampton Farms, Old Harbour Bay, St Catherine, produced about 20,000 pounds of shrimp monthly and grossed approximately J$12 million a month in sales at the height of its production.
But they have opted to sell off the assets because “we just could not maintain the business, especially with the increase in production and electricity costs,” Director Vitus Evans, a former president of the Jamaica Exporters’ Association (JEA) told the Financial Gleaner.
Evans said the company went into liquidation in November, following several failed attempts at staying afloat amid the theft of its stock, and has released and paid off all its 88 employees.
“We are closing down for three main reasons,” said Evans, indicating the most burdensome hindrance to the company’s viability was the 40 per cent duty imposed on the importation of its inputs earlier this year.
“When the new tax regime came into effect, a duty was imposed on both the feed and the post-larvae baby shrimp we import for the production.” He said.
