Newspaper article News Mail Bundaberg Qld.

Put in Administration; Business Sours for Company That Had Sea Grape Idea

Newspaper article News Mail Bundaberg Qld.

Put in Administration; Business Sours for Company That Had Sea Grape Idea

Article excerpt

Mike Derry

REPORTER

mike.derry@news-mail.com.au

CORAL Coast Mariculture, which runs a fish farm 40km north of Bundaberg, has been placed in administration.

According to documents from the Australian Securities and Investments Commission (ASIC), Michael McCann, of Grant Thornton Australia, has been appointed administrator of the company.

The documents appointing him the company's administrator were lodged on November 28.

Coral Coast Mariculture staff were still answering the phones at the company's offices last week, but no one was prepared to comment.

One staff member said company managing director Dr Clive Keenan was overseas.

The company has been involved in a series of ups and downs since it was established.

Coral Coast Mariculture tried to secure a lease on land at the Port of Bundaberg in 2005 to set up a soft-shell crab project, for which they had received State Government funding under its Sustainable Regions program. …

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