British watchdog probes British American Tobacco for misconduct in Africa
01 August 2017 - 09:36
The latest in a drama-filled week for what is about to become the largest tobacco firm in the world is news that the UK’s Serious Fraud Office will formally investigate allegations of misconduct made against British American Tobacco (BAT) that could include its South African activities. This comes after Friday’s announcement by the US Food and Drug Administration that it was considering regulating the level of nicotine in cigarettes to nonaddictive levels. BAT’s share price tumbled 13% within hours on Friday morning, although it has recovered part of that loss and on Tuesday, closed 7% down on the week.
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