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  "documentTitle": "Olam International Ltd. (SGX:O32)",
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  "authorName": "Carson Block",
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  "notes": "The slide uses a skeptical tone to challenge management's explanations for accounting discrepancies, framing them as potential indicators of fraud or incompetence.",
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      "text": "Olam has produced some of the worst accounting gaffes we’ve ever seen - in both the quantity and substance of these revisions.",
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      "text": "1. The notional amount of Level 3 derivatives has grown 300%... 2. The existing Level 3 derivatives may have become more illiquid... 3. Management is intentionally manipulating the Level 3 valuation model...",
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      "text": "All the differences between the unaudited accounts and AR that have been referred to in the CLSA's Report, are essentially re-classification changes...",
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      "text": "Olam has produced some of the worst accounting gaffes we've ever seen - in both the quantity and substance of these revisions. Olam's accounting track record, at the very least, strongly suggests incompetence...",
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      "text": "We have studied Olam's accounts in depth. However, it has been next to impossible to decipher its hedging practices, and there is a serious concern as to how much these assumptions may have influenced profits.",
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      "text": "All the differences between the unaudited accounts and AR that have been referred to in the CLSA’s Report, are essentially re-classification changes between subsidiary accounts in different jurisdictions as compared to Group consolidation; and/or re-classification between line items within the Group accounts. However, this does not lead to any inaccuracy in reported profits, net assets or point to any lack of internal controls, as has been stated in the CLSA report. None of these adjustments have any P&L impact. — Olam response to CLSA Analyst Report",
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      "text": "64 There could be other possibilities that we were unable to identify. 65 Clarifications on CLSA Analyst Report on Olam dated 21st February 2011",
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      "text": "Is Olam's Accounting Credible?",
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