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  "documentTitle": "Olam International Ltd. (SGX:O32)",
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  "notes": "This page is part of a larger investigative report (Muddy Waters Research) alleging financial manipulation.",
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      "text": "We believe that to an extent Olam Management might be using desired income and cash balances as inputs into its financial statements rather than outputs.",
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      "text": "d. In Q3 2010, Olam reported receiving interest income of negative S$11.7 million on its statement of cash flows.",
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      "text": "6) Appearance of window dressing Q4 results to improve FY results: a. Commodity Financial Services earns all of its Gross and Net Contributions in Q4 of FY2009 and FY2010. b. Shipping and Logistics varies widely from quarter to quarter.",
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      "text": "c. During Q4 2011, Olam reported zero interest income on the income statement and zero interest income received on the statement of cash flows, despite reporting an average cash balance of S$818.1 million for the quarter.",
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      "text": "e. In Q3 2008, Olam reported receiving proceeds of S$27.5 million from capital expenditures and paying out S$1.7 million relating to disposal of PP&E.",
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      "text": "so any omitted biological loss would have forced Olam to end the quarter at a loss. In its most recent quarterly filing, Olam attempted to rewrite history by claiming that it did not begin quarterly calculations of fair value of biological assets until Q3 2012",
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      "text": "The quarterly results include an operational gain of S$10.1 million in Q1 FY2013 on account of fair valuation of biological assets. The quarterly exercise of fair valuation of biological assets was started from only Q3 FY2012 and hence there was no operational gain/ loss booked in the corresponding period of FY2012. — Olam Q1 2013 Filing",
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      "text": "67 FY2013 Q1 Filing, p. 13",
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