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  "docSlug": "ad39e81239e4",
  "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 slide uses two tables to contrast book value vs. assessed value, suggesting Olam may have manipulated asset valuations.",
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      "kind": "callout",
      "text": "Was this a result of an effort by the Company to cover up a mistake and request an upwards adjustment, or did the county government simply see a new multinational corporation move into the neighborhood and perceive an opportunity to boost its tax",
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      "text": "Asset Valuation: $80.3 million",
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      "text": "Our additional investigation into the valuation of these assets found that the Williams land, physical plant, and fixed assets were valued by the Colusa County Assessors Office in 2008 and 2009 at only US$13.4 million (approx. S$19.4 million). Interestingly, in 2010, the year following the sale and subsequent to the issuance of Olam’s FY2010 Annual Report, the assessed value of the fixed assets jumped from US$6.7 million in 2009 to US$38 million in 2010, and the total assessed value of all assets increased by US$40.7 million to US$54.2 million.",
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      "text": "Evidently Olam determined the value of the PP&E and its potential to provide a negative goodwill gain, prior to the close of the sale. Again, many other potential buyers felt that the time period was too short to do due diligence, let alone estimate the equipment’s replacement costs. The SK Foods Bankruptcy documents, which include a detailed 284-page schedule of assets and liabilities, indicate that the book value of SK Foods’ assets, was only US$80.3 million, which was a difference of US$50 million.",
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      "text": "Was this a result of an effort by the Company to cover up a mistake and request an upwards adjustment, or did the county government simply see a new multinational corporation move into the neighborhood and perceive an opportunity to boost its tax",
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      "text": "Table showing assessed values by year (2008-2012) for Land, Structural, Growing, Fixed, and Personal Property.",
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      "text": "SK Foods - Schedules of Assets & Liabilities table showing Totals by Category and PPE (USD).",
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