A major food conglomerate based in Dubai is reportedly on the verge of being placed into provisional liquidation. IFFCO Group is alleged to have accumulated debts of nearly £1.5 billion, with restructuring negotiations making little headway amid disputes between key shareholders and the Iran war.
The company is known for selling biscuits as well as olive oil, poultry and animal feed.
The conflict, which erupted in late February, coupled with the ongoing disruption in the Strait of Hormuz, has heaped further pressure on the firm’s supply chains, it is claimed. The United Arab Emirates — where the bulk of IFFCO’s operations are headquartered — is heavily dependent on food imports through its ports. IFFCO is widely regarded as one of…