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  "documentTitle": "Olam International Ltd. (SGX:O32)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "notes": "The slide uses financial data from Ranona Ltd. (subsidiary of Kayass) to challenge Olam's management claims regarding the acquisition's value and projected returns.",
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      "text": "Once again, we are left to conclude that Olam wants assets at almost any price.",
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      "text": "Olam's purchase of Kayass Enterprises just before the close of FY2012 is worrying, and its projections for the business approach the absurd. Kayass appears to be insolvent and is losing substantial amounts of money.",
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      "text": "Source: Ranona Ltd. audited financials (Ranona Ltd. is the operating subsidiary of Kayass)",
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      "text": "143 http://olamonline.com/olam-international-acquires-kayass-enterprises-dairy-products-and-beverages-business-in-nigeria-for-us66-5m 144 Id.",
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      "text": "Kayass Sowing Chaos",
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