New Zealand's former Wool Board has paid out the money it owned to 1300 sheep farmers, nearly eight years after it was shut down.
At the time of winding up, the Wool Board had reserve funds of nearly NZ$ 7 million, which were since been lying with the Wool Board Disestablishment Company (DisCo).
The DisCo was supposed to distribute the money to sheep farmers or Wool Equities, a farmer-owned company, within a year of the closure of the Board. The release of the money was, however, delayed due to a legal challenge from specialist wool growers.
The case over funding of wool marketing programmes adopted by the former Wool Board went on for seven years. It finally ended earlier this year when the Supreme Court rejected an application for further appeal.
This paved the way for DisCo to send the final cheques to sheep farmers amounting to NZ$ 6.805 million. While most of it was directly sent to individuals, around NZ$ 2.75 million is being to Wool Equities.
Fibre2fashion News Desk - India
marketing@alchempro.com
