Mistubishi Corporation Hoards Tons of Endangered Bluefin Tuna
Japanese mega-corporation Mitsubishi is alleged to have been hoarding and freezing thousand of tons of bluefin tuna. Estimates are that Mistubishi controls between 35 and 40 percent of the 60,000 tons caught annually, a catch rate nearly three times higher than experts report is sustainable. It is suggested that if bluefin tuna stocks continue to deplete at their current rate the fish would go commercially extinct by 2012. If that is the case Mistubishi stands to make incredible profits from their hoard of frozen tuna as the stock continues to get depleted.
Japan's sprawling Mitsubishi conglomerate has cornered a 40 per cent share of the world market in bluefin tuna, one of the world's most endangered fish.
A corporation within the £170bn Mitsubishi empire is importing thousands of tonnes of the fish from Europe into Tokyo's premium fish markets, despite stocks plummeting towards extinction in the Mediterranean.
Bluefin tuna frozen at -60C now could be sold in several years' time for astronomical sums if Atlantic bluefin becomes commercially extinct as forecast, a result of the near free-for-all enjoyed by the tuna fleet.
This story was first reported nearly two-months ago, but only just came to my attention, and I think it bears repeating. Mitsubishi has taken the diamond industry model by over-buying stock to create market scarcity. Except in this case, unlike the diamond market, it is not the illusion of scarcity that is being created.
Environmentalist Charles Clover addresses this and similar occurrences of deep-freeezing in his documentary "The End of the Line"
Charles Clover in his environmental documentary film The End of the Line shows that big-fishing is accountable for deep-freezing up to 20,000 tons of the fish annually. Clover is at the forefront of an international campaign to raise awareness about overfishing. Last year, Greenpeace launched an advertising campaign likening bluefin to their critically endangered land counterparts.