Beleaguered Japanese meat packer Snow Brand Foods (SBF) revealed this week that it will officially enter into liquidation on 30 April.
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SBF, a subsidiary of scandal-ridden dairy giant Snow Brand Milk Products, was discovered in late January to have been deliberately mislabelling imported beef as domestic to take advantage of the government’s BSE subsidies.
The company had already admitted that it would have to close given the impossible operating circumstances created by a lack of consumer confidence and the cancellation of business contracts. SBF’s share price had plummeted on news of the fraud and many market watchers expected it to disband at the end of this month.
