Olam Surges 17% After Finding No Evidence of Nigeria Fraud
- Stock jumps in Singapore after statement, paring recent loss
- Local operations continue as normal with no charges brought
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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 the biggest surge in its Singapore-listed shares in almost 15 years.
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 officers, with businesses operating normally, it said.