Illegal fishing spurs billions in losses for developing countries, study says

Analysis finds global practice is a major driver of marine ecosystems' destruction and is estimated to run up to $50bn

Developing countries are losing billions of dollars due to illegal, unreported and unregulated (IUU) fishing, which siphons off revenue through illicit financial flows, according to a new study by the Financial Transparency Coalition (FTC).

The study reveals that the top 10 companies involved in IUU fishing are responsible for nearly a quarter of all reported cases: eight are from China - led by Nasdaq-listed Pingtan Marine Enterprise Ltd - one is from Colombia and another from Spain.