A major food company in Dubai is set to be placed into provisional liquidation, according to reports. IFFCO Group is said to have debts of nearly £1.5 billion and made little progress in restructuring talks amid disputes among key shareholders and the Iran war.
The conflict, which began in late February, and the continued disruption in the Strait of Hormuz has put additional pressure on the company’s supply chains, it is claimed. The United Arab Emirates — where much of IFFCO’s business is based — is heavily reliant on food shipments via its ports. IFFCO is described in reports as one of the largest food companies in Dubai, if not the biggest.
The company is a conglomerate and its brands span more than 20 food and personal care…