Liquidation of Snow Brand Foods Complete
Posted on: Friday, 12 August 2005, 12:00 CDT
Aug. 12--TOKYO -- Snow Brand Milk Products Co. said Friday it has completed the liquidation of one of its units, Snow Brand Foods Co., over a beef fraud scandal.
Snow Brand Milk forgave 19.79 billion yen in short-term loans to the subsidiary for its liquidation, but the debt forgiveness was covered by loan-loss reserves and will have no effect on earnings projections for the current fiscal year, the parent said.
Snow Brand Foods decided on its dissolution in April 2002 under the pressure of the fraud scandal, in which some of its employees were charged to have disguised imported beef as domestic to obtain government subsidies.
The government was then buying out domestically produced beef following the discovery of cow disease in Japan in the fall of 2001.
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Source: Kyodo News International, Tokyo
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