Odey Asset Management LLP slashed its holdings of Brazil’s farming powerhouse SLC Agricola SA as the fund grapples with fallout from sexual assault allegations against its founder.
Odey’s interest in SLC was below 1.4% of total stock as of July 5, the firm said in a letter made public by the crop producer. That’s down from a previous 9% stake as of late May that made Odey SLC’s largest shareholder after the founding Logemann family, which controls the company.
Crispin Odey’s investment firm was swiftly unraveling after the publication of a Financial Times investigation into his treatment of women over a 25-year period that included multiple allegations of sexual harassment and assault. The firm fully divorced itself from its founder and was in talks to transfer its funds and many employees to other asset managers, it said in June.
Read More: Odey Trims Stake in Brazil Farm Group Amid Scandal Fallout
Brazilian law requires companies to disclose when stakeholders raise or cut ownership of a company to above or below 5% of total capital.
SLC shares have fallen 6% this year, trailing the 7% gain of the nation’s stock benchmark. The company lost 0.8% Thursday. SLC has an active buyback program, and had been snapping up as much as 10% of daily trading volume, a person with direct knowledge said last month.
Author: Gerson Freitas Jr. and Vinícius Andrade
