Agribusiness Seeka joining High Court case against oil company Olivado

Seeka chief executive Michael Franks says his company is “particularly exercised” about the Olivado case. Photo / Michael Craig

One of the country’s biggest agribusinesses is joining court proceedings against oil company Olivado.

Seeka chief executive Michael Franks said his company was “particularly exercised” about the case.

Far North Avocado Suppliers, in liquidation itself, has applied to have Olivado liquidated at the High Court at Whangārei next month.

Seeka has joined the action against Olivado and requested lawyers take urgent action to place the company into liquidation.

Franks told the Herald that Seeka had serious concerns.

“Placing the company into liquidation will preserve the assets and maximise the potential returns to all creditors, without the risk of a fire sale at reduced values to the detriment of unsecured creditors.”

Franks said packaging company Enpac was owed about $78,000, while the figures for Far North and Seeka were about $260,000 and $350,000 respectively.

Seeka was added as a supporting creditor in the case.

Liquidator Gary Whimp today said he had not heard from Olivado shareholder and director Gary Hannam this year.

The Herald approached Hannam last week and called Olivado again today but there was no answer.

Olivado products include almond, avocado, coconut, macadamia and olive oil.

Olivado grew after chef Chris Nathan advertised in the Herald for people to invest in his Kerikeri operation but Nathan is no longer involved in the company and has not been for 17 years.