Olam Denies Allegations of Fraud in Nigeria; Shares Slump
- Commodities trader labels claims ‘baseless and inflammatory’
- Shares cap biggest daily decline since March 2020 in Singapore
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Olam Group Ltd.’s shares tumbled the most in over three years after the agricultural commodities trader denied allegations of a multibillion dollar fraud in Nigeria and ordered a review into the matter.
The company categorically denies the allegations about Olam Nigeria and its subsidiaries, and refutes all “baseless and inflammatory statements,” it said in a filing to the Singapore exchange Monday. The group’s shares closed 8.6% lower in Singapore, the biggest daily decline since March 2020.