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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": "The slide highlights specific line items where financial adjustments should have impacted net income or balance sheet items but did not, suggesting potential accounting irregularities.",
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      "text": "23 out of 35 total line items in the FY2010 AR statement of cash flows differed from the figures provided in the Q4 2010 statement of cash flows.",
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      "text": "vi. Increase in payables declined by S$12.8 million. Instead of decreasing, the payables on the balance sheet increased by S$52.33 million.\nvii. Inventory write-downs went from zero to S$11.2. million. Adding this in likely should have reduced net income and reduced inventory—it did neither.\nviii. Interest expense paid decreased by S$10.2 million. Changing this also likely should have changed net income—it did not.\nix. Proceeds from disposal of PP&E decreased by S$8.2 million. PP&E on the balance sheet did not change.\nx. Purchases of PP&E increased by S$4.5 million. PP&E on the balance sheet did not change.\nxi. Share of results from jointly controlled entities increased by S$0.7 million.\nxii. Share of results from associates decreased by S$0.7 million.\nxiii. Olam recorded S$0.9 million in gain on disposals in its Q4 earnings release. In the AR, this was reversed to a S$0.9 million loss. Changing this also should have reduced net income—it did not.\nxiv. Negative goodwill recorded declined from S$5.8 million to S$3.7 million. Changing this also should have reduced net income—it did not.\nxv. Impairments of assets increased by S$3.3 million. Changing this also likely should have reduced net income and decreased PP&E—it did neither.\nxvi. Amortization of intangible assets declined from S$6.1 million to S$2.7 million. Changing this also likely should have changed net income—it did not.\nxvii. Decrease in prepayments declined by S$7.8 million. There was no change to prepayments.\nxviii. Interest income received increased by S$3.1 million. Changing this also likely should have changed net income—it did not.\nxix. Investments in associates decreased by S$24.5 million.\nxx. Proceeds from loans from banks increased by S$0.5 million.\nxxi. Net effect of exchange rate changes on cash and equivalents decreased by S$5.7 million.\nxxii. Net cash and equivalents increased by S$2.5 million based on the statement of cash flows. Olam got this one right.",
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      "text": "g. 23 out of 35 total line items in the FY2010 AR statement of cash flows differed from the figures provided in the Q4 2010 statement of cash flows.",
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