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|---|---|
| Lista | Euronext Growth Oslo |
| Sektor | Handel & varor |
| Industri | Dagligvaror |
2024-02-01 10:00:32
1.2.2024 10:00:29 CET | Måsøval AS | Non-regulatory press releases
In June 2021 Måsøval AS ("Måsøval") acquired a 65% stake in Pure Norwegian
Seafood AS ("PNS"), a processing and sales company in Averøy. PNS provides
primary processing services for Måsøval, and market export and sell Måsøval fish
to its customers.
Måsøval, as a supplier to PNS, became suspicious of irregularities at PNS on
October 20, 2023. Prior regulatory inspections, controls, and audits had not
uncovered the issues. Through Måsøval's board representatives in PNS, immediate
action was taken through board instructions to completely halt the irregular
activity, freeze storage was sealed, and affected products were recalled.
Organizational measures were taken promptly, and new and reinforced procedures
were implemented at PNS. EY was then engaged to conduct an independent and
thorough investigation. The Food Safety Authority (Mattilsynet) was notified in
early November, and communication with the authority has been maintained
throughout the investigation.
The investigation is now concluded, and the results have been handed over to the
Food Safety Authority for any further investigations they may undertake. In
brief, the investigation reveals that PNS has allowed certain customers to buy
frozen salmon that, according to Norwegian regulations, is not suitable for
human consumption. Sold fish includes fish that either should have been
discarded/ensiled, or production graded fish that should be elaborated in
secondary processing before export. The investigation estimates that this
turnover of fish not suitable for human consumption constituted just under 1% of
the total volume of fish and approximately 0.5% of PNS's revenue over the last
three years. Måsøval, as a supplier to PNS, has not gained any profit or
participated in any other earnings related to these activities at PNS.
The mentioned activities were halted in October 2023. After the investigation
and other inquiries until now, there have been no indications that the
irregularly traded products have affected people's health.
The revealed issues at PNS have no direct impact on Måsøval