{
  "docId": "019dd923-622c-750b-8b96-063645a867ac",
  "docSlug": "ad39e81239e4",
  "documentTitle": "Olam International Ltd. (SGX:O32)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2012-11-27 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 55,
  "pageCount": 133,
  "prevPage": 54,
  "nextPage": 56,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "The slide uses a combination of corporate reporting excerpts and investigative field interviews to build a case of asset obsolescence.",
  "elementsJson": [
    "data_table",
    "paragraph",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-063645a867ac/55",
  "deckHref": "/decks/019dd923-622c-750b-8b96-063645a867ac",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-063645a867ac.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-063645a867ac#slide-55",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "CFM Lagos workers spoke to our investigators and told them that the acquired PP&E was old and poorly maintained, and that Olam disposed of it after the acquisition and demolished some of the factory buildings in Lagos.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-befb-cbd0a83b7c80",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.55,
        "x": 0.14,
        "y": 0.59
      },
      "kind": "paragraph",
      "text": "When asked about what equipment was added immediately after the acquisitions:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "04c9ee6c-bbca-449f-b3f8-a0313f7f0e39",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.72,
        "x": 0.14,
        "y": 0.11
      },
      "kind": "paragraph",
      "text": "The CY2008 Directors' Reports from the three CFM companies make clear that the PP&E was in poor shape.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1ac7265b-1361-43ab-a9ed-d223fbd69cf0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.72,
        "x": 0.14,
        "y": 0.68
      },
      "kind": "paragraph",
      "text": "Analysis of satellite and investigators' photographs confirm some portions of the plant were demolished.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6c2b3de2-a2c6-4b6c-8b3b-5c1eb8927720",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.72,
        "x": 0.14,
        "y": 0.41
      },
      "kind": "paragraph",
      "text": "CFM Lagos workers spoke to our investigators and told them that the acquired PP&E was old and poorly maintained, and that Olam disposed of it after the acquisition and demolished some of the factory buildings in Lagos.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cf169327-331e-433a-8bae-a8a6d4037352",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.68,
        "x": 0.18,
        "y": 0.49
      },
      "kind": "quote",
      "text": "Initially two buildings were used for production, but one of the factories has been demolished early in the year of 2011 and a new construction is ongoing.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1245e94c-6c52-4a14-9868-bc15d1ef8bd0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.68,
        "x": 0.18,
        "y": 0.54
      },
      "kind": "quote",
      "text": "Most of the equipments bought from the Lababidi Group were outdated and the new owner replaced them.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bff7b70a-3cb3-4b46-ab74-051fd15426ba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.68,
        "x": 0.18,
        "y": 0.63
      },
      "kind": "quote",
      "text": "Only equipments were replaced. One of the factories was demolished and is being reconstructed.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f8803e55-c42a-465a-979e-cbf0c5d24320",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Initially two buildings were used for production, but one of the factories has been demolished early in the year of 2011 and a new construction is ongoing. — CFM Lagos worker",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-befb-cef0269d12e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.72,
        "x": 0.14,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Report of the Directors, Crown Flour Mills Ltd, Mix & Bake Flour Mill Industries Ltd, Interstate Flour Mills Ltd, December 31, 2008.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bcc43576-54ce-43a1-8731-cec318a46409",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.21,
        "w": 0.72,
        "x": 0.14,
        "y": 0.16
      },
      "kind": "table",
      "text": "Excerpts from the 2008 Directors Reports, Future Developments",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "92b79d97-7883-418c-b361-4a97d4e29efe",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "cb26ed16-3dcb-4887-9070-8ea61d135f3c",
      "evidence": "Contrasting official reports with field investigation findings to expose asset misrepresentation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 133,
      "from": 51,
      "beatId": "bfd56f27-9e0e-4a96-9fda-8bd5736531bb",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Conclusion and recovery analysis",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 60,
      "from": 50,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "55a0474f-bcfd-4075-a427-456e1a9d8b5a",
      "evidence": "Discussion of Olam's solvency crisis",
      "position": 1,
      "objective": "Highlight the risks of not addressing Olam's issues",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}