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Olam Group denies reports of multi-billion dollar forex fraud in Nigeria, shares slump

An Olam logo is pictured in their office in Singapore August 14, 2017. REUTERS/Edgar Su/File Photo An Olam logo is pictured in their office in Singapore August 14, 2017. REUTERS/Edgar Su/File Photo
An Olam logo is pictured in their office in Singapore August 14, 2017. REUTERS/Edgar Su/File Photo An Olam logo is pictured in their office in Singapore August 14, 2017. REUTERS/Edgar Su/File Photo

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Olam Group (OLAG.SI), based in Singapore, refuted allegations made in the media in Nigeria last week that its subsidiaries in that nation were complicit in a multi-billion dollar foreign currency scam. The Nigerian media made the allegations.

According to the Daily Nigerian and Prime Business Africa, Nigeria’s secret police are investigating the company’s divisions, Olam Nigeria and Olam International, and its affiliate businesses for a foreign currency scam exceeding $50 billion.

Olam issued a statement claiming that “the company categorically denies the allegations in the Articles,” It also added that it had instructed its audit committee to evaluate the subject.

After reaching a session low of S$1.150 early in the day’s trading, shares of the commodities trader were trading 7.8% down at S$1.180 (GMT 06:27), putting them below their previous record low.

According to the allegations, some of the firms in question allegedly employed “fictitious Nigerians as directors,” and the authorities are said to have “uncovered a chain of shell companies” connected to Olam and several other entities.

On September 8 and September 9, the news was published in such periodicals.

Olam Nigeria, a subsidiary of the corporation, was alleged to have replied to demands for information made by Nigerian authorities, and the company said that it would continue to comply.


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