Cadbury Nigeria Suspended From Trading

July 2008 | Company News Alert

Cadbury Nigeria, a separately listed subsidiary of Cadbury Schweppes, has been suspended from trading on the Nigerian Stock Exchange following a decision by Nigeria's Investment and Securities Tribunal. The Tribunal has upheld an earlier indictment in which Cadbury was ruled to have overstated its financial position between 2002 and 2005. A fine of NGN21.2mn (US$180,783) had been imposed, payable within 21 days of the March 28 decision, with failure to pay resulting in suspension of trading. Trading of all shares has now been suspended until further notice, with the Cadbury case highlighting the major issue of corruption for all companies

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