Tea and coffee company DE Master Blenders on Tuesday told shareholders’ lobby group VEB their members had not suffered any loss because of fraud at its Brazilian subsidiary.

The VEB had requested a meeting with the former Douwe Egberts because it suspected its members had been adversely affected when fraud in the Brazilian office book-keeping came to light. This happened one month after DEMB’s shares were floated on the Amsterdam stock-exchange.
The day after the fraud announcement, shares in DEMB fell 6%. The VEB told nu.nl DEMB says the fall in the share price had little to do with the news about the fraud.
DEMB would not comment, says the news website.
The fraud in Brazil is currently under investigation by the company, which says it has found no further irregularities.