Olam Speaks On Alleged $50bn Forex Fraud, Reveals Next Action

Olam Group has spoken about its involvement in the allegations of a multibillion-dollar fraud in Nigeria, stating its stands over the allegations thrown over the company.

BrandNewsDay reports that Olam has denied the allegation of billion-dollar fraud, as such, the board of the agriculture commodities trader 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.

Olam was referring to two recent news reports in the African country, including from the Daily Nigerian.

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The company’s business in Nigeria spans animal protein, rice farming and grains, which operates as Crown Flour Mills. There are no “fictitious Nigerian directors” in Olam Nigeria, nor does the Olam have a “network of shell companies,” it said in the filing.

Olam Nigeria has responded to, and will continue to cooperate in relation to legitimate requests for information by the relevant Nigerian authorities, the company said.