According to its website, Black Origin Wagyu combined the origin of Japanese breeding genetics and 200-year-old techniques with New Zealand’s grass, grain, water and air.
The cattle were grazed for their first two years on farms throughout the country before being finished on grain at a "state-of-the-art" barn in Rakaia. A meat processing plant operated in Gore.
In December last year, Origin Corporation — which was described as a holding company operation with passive investment in subsidiary companies — was put into liquidation by order of the High Court on the application of Putian Champion Trustee, one of the company’s shareholders.
The initial report by liquidators Simon Dalton and Matthew Kemp said a dispute arose between the two shareholders (Putian Champion Trustee and Arato Tsujino, who is listed as having a Rolleston address) and it was not capable of being resolved. Unsecured creditors were listed at being owed more than $3.1 million.
About the same time as Origin Corporation was placed in liquidation, Blue Sky Meats (Gore) Ltd — which owned the River St site of the Gore processing plant — was put into liquidation by shareholders resolution. The initial liquidator’s report showing unsecured creditors were owed more than $2.7m and the Inland Revenue Department owed just over $24,000.
Mr Tsujino is associated with a raft of companies placed into liquidation last year, including New Zealand Wagyu Co Ltd — of which he was sole shareholder and director. The first liquidators report in July last year showed unsecured creditors of $10.4m and preferential creditors of just over $1.1m.
The report, by liquidator Brenton Hunt, said New Zealand Wagyu Co Ltd began trading in 2019, rearing, grazing and finishing New Zealand beef to be processed in traditional Wagyu technics. It had a main customer in Japan.
Contracts for services for stock were in the company name but stock was owned by the main customer. In recent years, the company had advanced funds to related companies which invested in business to process and sale of Wagyu products and ensure a secure supply chain.
That included trading operations such as building large farming sheds, rearing of calves, abattoir, butchery, commercial kitchen, and a jerky business, and investment into some hospitality businesses.
The company struggled through Covid-19 restrictions and suffered from the significant increase in farming and construction costs. The recession and impacts on the international markets, particularly China, had negative financial impacts on the company.
From about March last year on, New Zealand Wagyu Company fell into substantial arrears with farmers and suppliers, despite receiving pre-payment of all farmers and suppliers’ costs from the owner of the stock.
As a result of discovering those discrepancies, the owner of the stock ceased further payments to New Zealand Wagyu Company and determined instead to pay farmers and suppliers directly from June 1 last year. The director then sought professional advice and decided to place the company, and other companies in the group, into voluntary liquidation.
Earlier this month, Black Origin Meat Processors (Gore) Ltd was put into liquidation by shareholders resolution and Simon Dalton, of Gerry Rea Partners, was appointed liquidator.
The company, which was incorporated in December 2021, operated a meat processing business in Gore. The liquidators of Blue Sky Meats (Gore) agreed to allow the company to operate and remove any stock remaining on site until December 27 when the site was shut down.
Mr Tsujino was advised the company was unable to pay its due debts and sought professional advice. On receiving that advice, it was resolved to place the company in liquidation.
The first liquidator’s report said preferential creditors totalled $245,418, made up of employees at $109,960 and Inland Revenue Department at $135,758, while unsecured creditors were listed at more than $1.5m.
Black Origin Meat Processors had bought the meat plant from the Southland-based meat processing company Blue Sky Pastures.
That company is otherwise unconnected to the Wagyu businesses.
