LONDON (Alliance News) - Sable Mining Africa Ltd on Thursday noted recent media reports about bribery allegations levelled against the company in Liberia and said it was investigating the issue.
Liberian lawyer Varney Sherman has been arrested in the country in connection with hundreds of thousands of dollars of political bribes he is alleged to have distributed on behalf of Sable. Sherman is the chairman of Liberia's ruling Unity party and was arrested on Wednesday amid a government investigation into the allegations.
In January, Sable's West Africa Exploration SA business signed a deal with the Liberian government to allow the company to transport ore from the Nimba iron ore project in Guinea to Liberia to port for export.
Sable said it was probing the allegations and was receiving appropriate legal advice. It will provide further updates when appropriate.
Shares in Sable were up 6.2% at 0.40 pence, having reversed after falling to a new 52-week low of 0.26p.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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