August 15, 2018 / 12:34 PM / 4 months ago

UPDATE 1-Israeli construction group Shikun's office raided in Central America

(Releads with Central America investigation)

JERUSALEM, Aug 15 (Reuters) - Israel’s largest construction group Shikun & Binui said on Wednesday local authorities in Central America raided the office of its subsidiary there as part of an investigation into the company’s past activities.

Shikun said the office was part of a unit of its wholly-owned foreign subsidiary SBI Infrastructure. It said business was continuing as usual without any restrictions but gave no further details. Shikun did not specify the country.

SBI operates in Central America out of Guatemala, according to its website.

In February, Shikun said four current and former employees of SBI had been detained for questioning by Israeli police on suspicion of bribery in Africa.

Shikun said at the time that SBI was conducting its own examination using an independent firm from abroad. It said it was not yet able to assess the accuracy of the allegations.

On Sunday, police questioned billionaire Shari Arison, who until last week was the company’s controlling shareholder. Arison has denied any wrongdoing.

Earlier on Wednesday, Shikun said it was expanding a roadwork project in Nigeria, for which it will receive $220 million over four years.

The project, the company said, is being handled by SBI and covers restoration and expansion of a highway between the cities of Shagamu and Ibadan.

Shikun’s shares were up 1.25 percent in afternoon trade. (Reporting by Ari Rabinovitch and Tova Cohen. Editing by Jane Merriman)

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