Enza forex dispute simmers on

By PHILIPPA STEVENSON

Apple growers and their major marketer Enza are still far from settling the $50 million foreign exchange row.

Enza's corporate shareholders Guinness Peat Group and FR Partners are said to be prepared to forgo a forecast $19 million foreign exchange debt coming to account next year provided growers pay at least $31 million due this year. But sources said if that offer had been acceptable to growers a deal could have been sealed weeks ago.

One source said the amount growers were being asked to pay and conditions attached to the proposal were proving too high a hurdle.

The watchdog Apple and Pear Board will give no date for the release of its final determination on whether Enza's predecessor, the Apple and Pear Marketing Board, breached rules and put growers returns at risk by some of its forex dealings. The board's ability to penalise Enza is a factor in the company's reluctance to settle.