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Corporate Fraud

UK’s Serious Fraud Office Probes De La Rue Over ‘suspected corruption’ In South Sudan

The corporate logo of De La Rue is seen at De La Rue Malta at Bulebel Industrial Estate in Zejtun, Malta April 24, 2018. PHOTO | REUTERS

The UK’s Serious Fraud Office has opened an investigation into British banknote and passport printer De La Rue over “suspected corruption” in its business in South Sudan, sending shares to a 16-year low.

“Given the early stage of these matters, it is not possible to predict reliably what effect their outcome may have on De La Rue,” the company said in a statement on Tuesday.

De La Rue said it intends to cooperate with the SFO in its investigation.

The investigation is a further setback for De La Rue, which produces passports for 40 countries, after it said in May that its chief executive would quit and it warned of a profit downturn this year.

Shares in the company fell as much as 17.4 per cent to 246 pence at 1311 GMT, hitting their lowest since July 2003.

Via: Reuters

More on cnyakundi.com

Deal-a-Rogue: Currency Manufacturer De La Rue Accused Of Employment Malpractices


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