Olam refutes 'purported' reports by Muddy Waters even before they are released

Care for a 'mud' sling?

Here's what Olam said in a statement:

Olam International Limited refers to its previous announcement released earlier today in connection with various media reports on the negative statements made by Carson Block from the research firm Muddy Waters.

The Company had requested for a trading halt pending the release of a purported and detailed report by Carson Block and/or Muddy Waters, which from media reports was to be released early today. This release has yet to take place. The Company is therefore requesting that the trading halt be lifted to allow investors to continue to trade in the Company’s securities.

The media had reported that Carson Block had made certain negative statements about the Company with regards its financial reporting. The Company wishes to highlight that its financial statements have been subject to annual audits by Ernst & Young, Certified Public Accountants ("Ernst & Young").

We wish to reiterate that consistently, and with no exception, the Independent Auditor's Report issued by Ernst & Young are without qualifications whatsoever and have stated that the consolidated annual financial statements of the Group are properly drawn up in accordance with the provisions of the Companies Act and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs and financial results of the Group and the Company.

The lead Independent Director and Chairman of the Audit & Compliance Committee, Mr. Michael Lim added “We are fully confident and stand wholly behind our financial statements, accounting policies and procedures.

The Company and its Board of Directors strongly rejects the assertions made by Carson Block and/or Muddy Waters. We will reserve the right to take strong and appropriate action with regard to any unsubstantiated or baseless assertions made in the media by parties whose motives might be in question.

The Company further notes that Muddy Waters has been described by the media as a “short selling group”, and that Carson Block has been quoted as saying that he is “short securities of Olam”.

The Board of Directors of the Company will continue to monitor media reports and other developments on this issue, and will issue updates as appropriate.

In particular, if and when Carson Block and/or Muddy Waters issues a report on the Company, the Company will review that and respond as appropriate.

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