Against the background of the investigation into alleged bribery in African countries by Shikun & Binui Holdings Ltd. (TASE: SKBN) unit SBI, which deals with the group's international activity, Shikun & Binui is considering selling its business in Africa.
Representatives of the company, which is controlled by Shari Arison and headed by Yuval Dagim, have been in touch with an international entity with the aim of starting the process of examination of a sale.
The suspicion is that senior managers in the Shikun & Binui group paid a bribe to a foreign worker in Kenya in return for promoting projects in that country. Current and former company officers in the Shikun & Binui group have been questioned in the affair,
Besides the investigation, events in Nigeria, where SBI's main business on the African continent is concentrated, and where the fall in the price of oil has led to an economic crisis and devaluation of the local currency, have also adversely affected the group's performance.
Shikun & Binui stated in response: "From time to time, the company examines various business moves, as part of the management of its asset mix. Among other things, the possibility has been considered of entering new geographies and exiting other regions, embarking on new areas of business and exiting certain areas, teaming up with business partners, and selling activities and assets. No decision has been made on the possibility of selling SBI's business."
Published by Globes [online], Israel business news - www.globes-online.com - on April 29, 2018
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