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The Tauranga-based forestry company protested New Zealand jurisdiction of the case.
Tauranga-based TPT Shipping has been ordered to refund security for the release of a ship arrested for missing forestry cargo and to pay ongoing legal costs.
TPT Shipping is a subsidiary of TPT Forests, which provides marketing, sales and shipping for some of New Zealand’s largest forest owners.
The company’s background is largely out of Fletcher Challenge Forests, with six of its seven directors, and its Indian sales agent all having spent time at the now-defunct forestry arm of the Fletcher group of companies.
The two largest shareholders are shipping manager Jason Smith and supply and operations manager Mark Procter.