RBA may pick up Candover investee Securency in fire sale amid bribe investigation
The Reserve Bank of Australia (RBA) is likely to take full ownership of banknote manufacturing company Securency International Ltd, as a bribe investigation continues at RBA's JV partner in the company, invested by Candover Partners.
Securency is 50:50 owned by RBA and UK plastics producer Innovia Films, which is controlled by Candover Partners, the funds management arm of Candover Investments in London. Candover paid EUR320 million ($445 million) to take over the company in 2004.
Struggling Candover Investments reportedly said in September that it would sell assets in a fire sale, leading to speculation that the sale might let RBA take full control of Securency. The company is currently under investigation by the Australian Federal Police and Britain's Serious Fraud Office, over allegations that it paid millions of dollars in bribes through agents in countries where it marketed its polymer banknote technology.
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