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Olam Group denied any evidence that its Nigeria unit was involved in an alleged $50bn foreign exchange fraud. This comes after an investigation team comprising of its audit and risk committee, assisted by external counsel and independent accountants concluded their review on the case. In September, it was reported by the Daily Nigerian and Prime Business Africa that Nigeria’s secret police was investigating Olam Nigeria, Olam International and their associate firms regarding a potential $50bn forex fraud. The company added that no charges have been brought and that its Nigerian businesses continue to operate normally. Olam is considered to be among the higher quality names in Singapore with about 51% of it held by Temasek Holdings. The company’s SGD bonds have been under pressure over the last year as a result of the above case, coupled with a drop in profits and an IPO delay. In 1H 2023, its profits fell ~90% to S$48mn ($35mn) due to lower crop yield from its almond orchards alongside a delay to list Olam Agri in Saudi Arabia.
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