Singapore Commodities Tycoon Feels Heat From Fact-Free Muddy Waters

forbes.com 21 Nov '12, 4am

Singapore Commodities Tycoon Feels Heat From Fact-Free Muddy Waters - Forbes

Muddy Waters’ chief Carson Block has a reputation for sinking stocks on the back of his research, which usually involves picking apart a company’s financial records. In the case of Olam, a key allegation by Block is that the company overstates the income from its plantations using an accounting method known as “biological gains”. Olam is audited by Ernst & Young in Singapore. One of its largest shareholders is Temasek Holding, Singapore’s sovereign wealth fund. That means Singapore Inc. has a strong interest in getting to the bottom of what Muddy Waters claims to have uncovered. But so far there isn’t much to go on.

Full article: http://www.forbes.com/sites/simonmontlake/2012/11/20/sing...

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