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Olam confirms paying bond to secure release of director (update)

According to the Daily Nigerian, the amount for the bond was $1 billion Nigerian dollars ($1.9 million).

Olam Group VC2 has confirmed that it has paid a bond to secure the release of its director in Nigeria.

Olam Nigeria had informed the group that it had posted a bond for its senior vice president, Prakash Kanth, in relation to the fraud allegations made.

According to the Daily Nigerian, the amount for the bond was $1 billion Nigerian dollars ($1.9 million).

As at 11.23am, shares in Olam are trading 8 cents lower or 6.96% down at $1.07.

Shares in Olam continued to fall, closing at a one-year low of $1.10 on Sept 13, down 26.17% year-to-date (ytd).

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