Alliance One International (AOI) said employee fraud that prompted the company to close its Kenyan procurement office last year caused “discrepancies” in inventory and income amounting to USD 50.8 million (EUR 45.6 million).

Last November the leaf merchant had put the estimated damage at as much as USD 40 million. AOI said the discrepancies in Kenya go back to at least 2008, and that the fraud prompted the company to restate its financial results for the fiscal years 2012-2015. “The investigation assessed other country operations and concluded that no similar issues to those discovered in Kenya exist,” said Chief Executive Officer Pieter Sikkel.
In the nine months to 31 Dec, 2015, operating income was marginally better at US 86.9 million on sales that fell USD 163 million to USD 1.17 billion. "Our comprehensive global restructuring program that began in the fourth quarter last year is continuing to reduce our cost structure,” Sikkel said.