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  "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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  "notes": "This appears to be a page from a forensic accounting or short-seller research report highlighting inconsistencies in financial reporting.",
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      "text": "25 out of 36 total line items in the FY2009 AR statement of cash flows differed from the figures provided in Q4 2009 statement of cash flows.",
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      "text": "i. Receivables increased by an extra S$55.7 million based on the statement of cash flows. Receivables did not change at all on the balance sheet.\nii. Acquisitions of subsidiaries declined by S$55.5 million.\niii. Proceeds in loans from banks declined by S$48.7 million, and the final net cash balance presented on the statement of cash flows declined by S$48.7 million: exactly the same amount. However, on the balance sheet, “cash and bank balances” and “amounts due to bankers” remained exactly the same.\niv. Interest expense paid increased from S$206.2 million to S$218.8 million.\nv. Net effect of foreign exchange rate changes declined by S$10.3 million.\nvi. Taxes paid declined by S$5.0 million.\nvii. Interest income declined by S$3.9 million. This likely should have impacted the income statement, but did not.\nviii. Amortization of intangible assets increased by S$0.8 million. This likely should have impacted the income statement, but did not. Intangible assets remained the same on the balance sheet as well.",
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      "text": "i. Loans to jointly controlled entities increased by S$251.7 million while investments in jointly controlled entities declined by S$233.9 million.\nii. Change in net measurement of derivative instruments moved from S$33.8 million to S$61.1 million.\niii. Decreases in receivables increased by S$25.3 million. Receivables increased by S$0.7 million.\niv. Increases in inventories increased by S$25.2 million. Inventories on the balance sheet only increased by S$13,919.\nv. Allowance for doubtful debts increased from zero to S$19.4 million. Adding this in also likely should have reduced net income—it did not.",
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      "text": "f. 25 out of 36 total line items in the FY2009 AR statement of cash flows differed from the figures provided in Q4 2009 statement of cash flows. These included numerous items that should have had a material effect on net income, yet net income remained the same:",
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      "kind": "paragraph",
      "text": "of cash flows that rely on prior figures—though most of these were also restated). The discrepancies included:",
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