Joyvio's Chile unit faces setbacks in compliance approval

Joyvio Agriculture Development (SZSE:300268) announced that its Chilean subsidiary, Australis Seafood S.A., is facing challenges in obtaining approval for its compliance plans related to overproduction at its aquaculture centers. While 21 out of 31 submitted compliance plans were approved, 10 plans were rejected by Chilean environmental regulators. Australis has filed administrative appeals for nine of the rejected plans, seeking to overturn the decisions and avoid penalties. One of these appeals pertains to the Punta Goddard farming center. The company maintains that the overproduction did not cause environmental damage and that it has taken corrective measures. Joyvio cautions investors about potential risks associated with the ongoing compliance process and the possibility of fines.