Galway Bay fm newsroom - A dispute over the sale of a stake in a Galway-based fish farm operator is set to go to the High Court.
Udarás na Gaeltachta and Bradán Muhr Teoranta agreed to pay just over 1 million euro for Maoiniu Mara Teoranta's 40 per cent stake in fish farm operator, Bradán Beo Teoranta.
However, shareholders in Maoiniu Mara are unhappy with the sale, which they feel is undervalued.
According to today's Irish Times, the matter which also involves other shareholders such as Curraun Fisheries and Mannin Bay Salmon Company is due for a full hearing in the High Court in October.
Maoiniu Mara, led by the Irish Seafood Producers' Group, believes that the price for the 40 per cent stake should have been four times the 1.05 million euro paid.
It sought a General Meeting with Bradán Beo to pass a resolution to give them a share of future profits.
However Bradán Beo went to the High Court to prevent the resolution being passed.
Bradán Beo is based at Cill Chiaráin Bay and recent reports indicate that it has been trading profitably.
The Irish Seafood Producers' Group is an organisation of organic salmon farmers, also based in Cill Chiaráin.
