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Snow Brand Foods Closes
TOKYO - May 1/02 - SNS -- Japan's Snow Brand Foods Co. has discontinued operations under a plan approved last month by shareholders to dissolve the company and allow President Koshiro Iwase and five other board members wind up operations.
The company's collapse started three months ago when it was delisted on the Tokyo Stock Exchange after admitting it deliberately mislabeled Australian meat as Japanese origin. Snow Brand Foods was trying swindle the government out of money under a buy back scheme introduced in the wake of a mad cow disease outbreak in the of 2001.
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