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  "docSlug": "ad39e81239e4",
  "documentTitle": "Olam International Ltd. (SGX:O32)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2012-11-27 00:00:00",
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  "pageNumber": 38,
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  "nDataPoints": 18,
  "notes": "The slide highlights specific line-item mismatches, suggesting potential financial reporting irregularities.",
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      "text": "Similar to other balancing changes made in Olam’s audited reports, we do not see how this could be a simple reclassification because there is no apparent relationship.",
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      "text": "i. Proceeds from issuance of medium term notes declined by S$213.7 million. No change to medium term notes on the balance sheet.\nii. Proceeds from loans from banks increased by S$195.3 million. No change to amount due to bankers on the balance sheet.",
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      "text": "iii. Change in payables declined by S$30.7 million. No change to payables on the balance sheet.\niv. The overall decline in cash and cash equivalents increased by S$18.4 million. Even though the change in cash and cash equivalents changed by S$18.4 million on the statement of cash flows, the “cash and bank balances” line item on the balance sheet remained the same between the two filings.",
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      "text": "viii. Depreciation of PP&E increased by S$0.2 million in the AR. But PP&E on the balance sheet remained exactly the same.\nix. The prior gain on disposal of PP&E declined by S$0.2 million and became a loss on disposal. This should have affected net income, but did not",
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      "text": "xiii. Cash used for acquisitions of subsidiaries declined by S$1.1 million.\nxiv. Investments in jointly controlled entities went from zero to S$0.8 million.\nxv. Net effect of exchange rate changes increased by S$2.7 million.",
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      "text": "x. Change in receivables declined by S$2.0 million. Trade receivables declined by S$6.6 million on the balance sheet—inconsistent with the change to the statement of cash flows.\nxi. Proceeds from disposal of PP&E increased by S$0.8 million.\nxii. Purchases of PP&E increased by S$2.7 million. No change to PP&E on the balance sheet.",
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      "text": "v. Interest expense paid declined by S$16.8 million.\nvi. Taxes paid declined by S$10.5 million. No change to provision for taxation on the balance sheet.\nvii. Interest income increased by S$3.1 million (34.9%). This likely should have affected net income, but did not.",
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      "text": "e. During FY2008, there were a total of 18 discrepancies between the Q4 numbers and the annual report figures on the statement of cash flows. There were only 28 line items total (excluding figures within the statement",
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      "text": "d. On the FY2007 balance sheet, trade receivables decreased by S$6.6 million and margin accounts with brokers increased by the same amount. Similar to other balancing changes made in Olam’s audited reports, we do not see how this could be a simple reclassification because there is no apparent relationship.",
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