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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 slide uses investigative reporting to highlight discrepancies between management's public narrative and the underlying operational and historical financial reality.",
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      "kind": "callout",
      "text": "These numbers too seem highly questionable, as cursory due diligence at the time of the acquisition should have raised red flags.",
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      "text": "The equipment is dirty, frequently with “moho” (mold) on the underside. The workers also complained of low wages. They received no training, were issued gloves that would fall apart, and promotions are not based on performance. The workers also stated that they would not eat canned tomato products.",
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      "text": "Perhaps, most troubling however were their statements that starting in late September, a large quantity of product had been put “on hold.” The workers explained that there was a large warehouse on the premises, and this is full of boxes that contained an orange sticker labeled “HOLD.” This inventory might be better having been destroyed.",
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      "text": "At the time of the acquisition, the company announced that capacity utilization would initially be lower... The bankruptcy documents provide information on sales prior to FY2008... Subsequent to the acquisition, Olam initially reported positive news...",
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      "kind": "source-note",
      "text": "Footnotes 98-102 detailing sources for financial data and bankruptcy court records.",
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      "kind": "title",
      "text": "Olam Discloses the Tomato Processor is Still Underperforming in Year 3, but for a Questionable Reason",
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