Lafarge Dismisses Probe Allegation
BY UMORU ABDULKADIR
Lafarge Africa Plc has dismissed report of being under the investigation of the Securities and Exchange Commission (SEC) for breach of corporate governance procedures
It also stated that the company has not in any way received any letter from SEC that would warrant the Company to believe that an investigation has been launched against it.
In a clarification Tuesday, the Company Secretary, Adewunmi Alode, dismissed newspaper report of Monday, October 21, 2019 which alleged that the company was being probed over allegations of poor corporate governance practices and abuses,
The notice read thus, “We write to formally notify the Nigerian Stock Exchange, our Shareholders and the investing public, that Lafarge Africa Plc is not in receipt of any letter from the Securities and Exchange Commission, that would warrant the Company to believe that an investigation has been launched against it.’
The newspaper in a report had said that it had obtained evidence of several allegations of infractions and poor practices levelled against Lafarge and addressed to the Securities and Exchange Commission by the shareholders of the company in a petition.
According to the report, the petition called for a forensic audit of Lafarge Africa to determine the propriety of the acquisition of Lafarge South Africa, a subsidiary of LafargeHolcim by Lafarge Africa Plc.
The petition was reportedly written by the shareholders in a bid to verify the accuracy of the transactions in order to ensure that minority shareholders were not shortchanged due to the fact that such magnitude of corporate acquisition ought to have involved comprehensive diligence to prevent the subsequent round-tripping of assets.
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