"The order finds rather than immediately reporting those sales to [the] United States Department of Agriculture (USDA) and the CFTC promptly as required, certain Olam employees diverged from Olam’s standard practices, causing the sales to be reported between one to five weeks late," says CFTC.
Olam Group has agreed to pay US$3.25 million ($4.16 million) in a settlement with the Commodity Futures Trading Commission (CFTC).
The settlement stemmed from investigations into Olam’s delayed reporting of five US cotton sales, valued at over US$190 million, which took place in August and September 2021. According to a CFTC statement on Sept 27 (US time), Olam sold over 375,000 bales of cotton to a counterparty in Asia that is said to be one of the largest global purchasers of cotton.
