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  "documentTitle": "Olam International Ltd. (SGX:O32)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2012-11-27 00:00:00",
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  "notes": "The text uses strong, emotive language ('degenerate gambler', 'delude others') to characterize management's financial strategy.",
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      "text": "Olam's snowballing CapEx is, in our view, destroying investor value, and pushing the company toward collapse.",
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      "text": "CapEx: S$571 million",
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      "text": "Olam's snowballing CapEx is, in our view, destroying investor value, and pushing the company toward collapse. Olam tells investors that its CapEx projects are creating significant long-term value, and are generally meeting their targets.",
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      "kind": "paragraph",
      "text": "We cannot account for cumulative S$996.2 million in booked (but unattributed) non-acquisition CapEx over the last four years. Olam has never satisfactorily explained its FY2012 non-acquisition CapEx of S$875 million.",
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      "text": "The total acquisition consideration Olam has announced exceeds actual payments by S$571 million. Rusmolco is one example (actual cash outlay of S$8.5 million, versus announced 'up to' S$75 million).",
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      "text": "70 Olam 2012 Annual Report, p. 138 (Note 11).",
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      "text": "Olam's CapEx is Off the Rails",
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