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  "documentTitle": "Olam International Ltd. (SGX:O32)",
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  "authorName": "Carson Block",
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  "presentationDate": "2012-11-27 00:00:00",
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  "notes": "Includes a screenshot of a financial table with a 'Certified' stamp overlay and a table showing negative cash balances.",
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      "text": "EBITDA/Margin and PBT/Margin performance vs projections",
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      "text": "EBITDA margin: S$15.9 million",
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      "text": "CFM had overdrawn its bank accounts by S$15.9 million at the time of the acquisition – hardly the hallmark of a successful business.",
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      "text": "Below is the source for the above table in NGN. Note that CY2006 Loss after Taxes does not add up. (Our table above does the math properly.) Such basic math and accounting problems can be indications of fraud.",
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      "text": "When Olam acquired CFM, it projected that CFM would achieve the following profitability milestones at “steady state” in 2012 – 2013:",
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      "text": "81 Profitability targets available in the presentation at http://olamonline.com/wp-content/uploads/2011/12/20100112_crownmills.pdf",
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