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  "documentTitle": "Olam International Ltd. (SGX:O32)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "presentationDate": "2012-11-27 00:00:00",
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  "notes": "This slide is part of a larger research note (Muddy Waters report on Olam). It uses forensic accounting analysis to identify discrepancies.",
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      "text": "These occurrences strongly reinforce our opinion that Olam's accounting is highly problematic.",
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      "text": "a. In FY2009, Olam recorded no biological gains... b. In FY2006, Olam's statement of cash flows... c. During FY2007, 16 out of 27 accounts were inconsistent...",
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      "text": "Many of the quarterly numbers reported do not match annual reports, or even other quarters. In these instances, it is clear that the numbers have been changed...",
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      "text": "There is also the issue of certain numbers that make no sense. For instance, from its IPO through Q2 2010, interest income recorded on the income statement always matched interest income received on the statement of cash flows...",
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      "text": "Page 37 of 133",
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