Camellia PLC Update on African allegations (5632B)
October 08 2020 - 11:15AM
UK Regulatory
TIDMCAM
RNS Number : 5632B
Camellia PLC
08 October 2020
8 October 2020
Camellia Plc (the "Company")
Update on allegations relating to African operations
As stated in January 2020 and most recently in the interim
report in September, Camellia and a number of its subsidiary
companies have been put on notice of claims relating to allegations
against two companies in its African operations. One of these is
Kakuzi Plc in which Camellia bought a controlling stake (50.7%) in
the mid-1990s. Kakuzi Plc is quoted on the Nairobi Securities
Exchange and is managed by its Board of Directors on behalf of its
1,300 mostly Kenyan shareholders.
Camellia takes any complaint of criminality, misconduct,
illegality, or unethical behaviour against its operations very
seriously. The allegations are of serious assault, harassment and
sexual misconduct allegedly committed by certain individuals
apparently employed by the two foreign operating companies. The
allegations are being investigated by the two African companies but
they are being hindered by UK lawyers Leigh Day's insistence on
anonymity.
The two African companies have recognised alternative dispute
resolution ("ADR") mechanisms locally so that any allegations are
properly examined. If there has been any wrongdoing those
responsible will be held to account, and if shortcomings are
identified the companies will improve their safeguarding processes
and victims will be compensated. Complainants can access
independent legal advice, the costs of which will be borne by the
operating companies, including if claims fail.
The cost of this ADR process will be expensed in 2020 and in the
future and will be in addition to the GBP4.8m of legal and related
costs incurred in 2019 and up to 30 June 2020 as previously
disclosed.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Enquiries
Camellia Plc 01622 746655
Tom Franks, CEO
Susan Walker, CFO
Panmure Gordon 020 7886 2500
Nominated Adviser and Broker
Emma Earl
Erik Anderson
Maitland/AMO
PR
William Clutterbuck 07785 292617
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDKKFBPPBDDCKK
(END) Dow Jones Newswires
October 08, 2020 12:15 ET (16:15 GMT)
Camellia (LSE:CAM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Camellia (LSE:CAM)
Historical Stock Chart
From Apr 2023 to Apr 2024