16 Dec '12, 9pm

Singapore Establishment Challenged by Short-Seller Block on Olam via @BloombergNews

Singapore Establishment Challenged by Short-Seller Block on Olam via @BloombergNews

When Carson Block likened Olam International Ltd. (OLAM) to fraud-ridden Enron Corp., he challenged more than the accounting of the Singapore-based commodities firm. He also took on Temasek Holdings Pte, the government-owned investment company whose money has helped build the city-state into a corporate dynamo known as Singapore Inc. Temasek is Olam’s second-largest shareholder , with a 16 percent stake that has lost more than $100 million in value since Nov. 19, when Block’s Muddy Waters LLC first questioned the validity of the company’s finances and said it was betting against the stock. Temasek is also the biggest shareholder in many of the country’s best-known companies, including DBS Group Holdings Ltd. (DBS) , Southeast Asia’s largest bank, Singapore Telecommunications Ltd. (ST) and Singapore Airlines Ltd. (SIA) “Carson Block is putting his whole reputation on this o...

Full article: http://www.bloomberg.com/news/2012-12-16/singapore-establ...

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