Olam Group Limited, a global agricultural commodities company, has vehemently denied allegations of involvement in a multi-billion dollar foreign exchange fraud in Nigeria.
Reports had circulated suggesting that Olam Nigeria, along with Olam International’s units and associated firms, were under investigation by the Department of State Services (DSS) for alleged fraudulent activities involving over $50 billion in foreign exchange.
In response to these allegations, Olam Group issued a statement on the Singapore Exchange (SGX) dismissing the claims as “inflammatory” and refuting all allegations made in the articles.
Olam group internal review
The company emphasized that references to $50 billion and $34 billion being funneled through capital importation were “inaccurate and designed to be misleading.”
Olam Group further clarified that it does not have fictitious Nigerian directors, nor does it operate a network of shell companies.
However, the company’s board has taken the initiative to direct its audit committee to conduct a review of the matter with the assistance of external counsel and external auditors.
The statement also noted that Olam Nigeria has been cooperating with legitimate requests for information from Nigerian authorities and will continue to do so.
Despite the rebuttal, Olam Group’s shares experienced a 1.71 percent decline on the Singapore Exchange, trading at S$1.15 as of 6.08 WAT on Tuesday.