Olam Group Ltd. shares fell to their lowest level in almost 15 years on Tuesday after the agricultural commodities trader denied allegations of a multibillion-dollar fraud in Nigeria and ordered a review into the matter.

The company, which has presence in 67 countries, said on Monday in a filing to the Singapore exchange where it is listed that it had done nothing wrong, but it was cooperating with Nigerian authorities.

“The Company notes that Olam Nigeria have responded to various legitimate requests for information by the relevant Nigerian authorities, and will cooperate with any legitimate requests for information or assistance from relevant Nigerian authorities,” it said.

The group’s shares closed at 1.15 Singapore Dollars on Tuesday, the lowest since November 2008. The price was 10.9% lower than the closing price on Friday when Daily Nigerian, a newspaper, reported that Olam was being probed by the country’s secret police for alleged foreign exchange round-tripping.

The paper said Olam was investigated
https://pluboard.com/2023/09/12/companies/olam-shares-fall-to-15-year-low-after-nigeria-forex-fraud-allegation/