Report of Probe Cuts Price of Polly Peck Stock by Over 50%
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LONDON — Polly Peck International PLC’s stock lost more than half its value on London’s Stock Exchange on Thursday before the conglomerate asked the exchange to suspend trading.
The British domestic news agency Press Assn. reported that Asil Nadir, chairman of the British conglomerate, was interviewed Thursday by investigators of the Serious Fraud Office.
Polly Peck has interests in Turkish businesses, Japanese electronics and Del Monte Corp.’s former fruit distribution operations in North America.
A Polly Peck official who spoke on condition of anonymity said trading was suspended to stop what appeared to be a free fall in the stock. It was unclear when trading would resume.
Company officials declined to confirm or deny rumors that ran through the market Thursday.
Polly Peck’s shares were trading at 108 pence, or about $2.02, when trading was suspended at about 2:30 p.m. London time, down from the Wednesday closing price of 243 pence, or $4.54. More than 15 million shares changed hands before the suspension took effect.
Polly Peck has been the focus of British newspaper reports that have alleged that its stock price may have been supported illegally.
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