SFO drops corruption probe into banknote printer De La Rue, triggering 11% shares surge

The Serious Fraud Office today dropped its investigation into allegations of corruption at banknote printer De La Rue at its operations in South Sudan.

Officers launched a probe almost a year ago into how the company and its associates in the African state conduct business there. De La Rue has operated in the young country since it was established in 2011, designing and printing the nation's banknotes.

Today, the SFO said: "Following extensive investigation and a thorough and detailed review of the available evidence, the SFO has concluded that this case did not meet the relevant test for prosecution as defined in the Code for Crown Prosecutions."

That effectively meant there was no realistic chances of getting a prosecution in court.

Details of the allegations have never been disclosed.

De La Rue has been investigated three times in the past 13 years. In 2010 it admitted some employees had falsified certain documents and another unspecified probe was launched and dropped in 2007.

The company today said it was "pleased" the SFO had closed its investigation.

Having been in the doldrums for more than two years amid falling profits and tough competition, shares in the group have been rallying lately. Earlier this month its new chief executive Clive Vacher reported on a strong start to its financial year and, after a 6% leap today, they are trading higher than before the coronavirus hit the UK.

Vacher's appointment came two years after De La Rue lost the contract to print Britain's blue post-Brexit passports in a move that sparked fury among Brexiters.