Monday, 19 February 2024 04:47

Olam surges after probe finds no evidence of Nigeria unit fraud

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Commodity trader Olam Group said that its investigation found no evidence to support allegations of a reported scandal at its Nigerian units, spurring a surge in its Singapore-listed shares.

The audit and risk committee, assisted by external counsel and independent accountants, had completed the review, without identifying any evidence, the company said in a statement.

No charges have been brought against the subsidiaries nor any of their officers, with local businesses operating normally, it said.

The company — which is about 51% held by Temasek Holdings Pte, Singapore’s state-owned investment fund — has been under scrutiny following news reports in Nigeria that its domestic branches were involved in a multibillion dollar fraud and being probed by local authorities. The company denied the allegations in the articles in September, and ordered a review into the matter.

Olam Group shares collapsed to the lowest close since 2005 in late October following the fraud allegations, which added to setbacks facing the company including a profit slump and IPO delay. On Monday, the stock leapt as much as 15% to S$1.01.

“Olam regards Nigeria as an important part of its future strategic plan and it will continue to seek future opportunities to grow its business there,” it said.

The commodity trader is scheduled to announce full-year earnings later this month.



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