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Fares Group under siege
26 Sep 2003
Australia's $1 billion livestock export industry has been stunned by the announcement that one of the biggest operators, Fares Group, has informed creditors it intends to go into provisional liquidation.
Fares Group is Australia's largest cattle exporter and one of the top three live sheep exporters. Its potential collapse reflects the financial strain the industry has been under for almost two years due to high livestock prices, the volatile $AUD and reduced demand from the Middle East.
In Perth, Fares Rural's general manager Alastair Moore said he couldn't comment on the situation as he is waiting for advice from the company's Danny Fakhre, who is based in London.
Fares' plight is not directly related to the crisis surrounding the sheep stranded in the Middle East following their rejection by Saudi Arabia in August.
Australian Financial Review, 26/9/03.
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