Olam Declines After Muddy Waters’ Block Questions Accounts
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Olam International Ltd. slumped the most in six months in Singapore trading after short-seller Carson Block questioned the agricultural commodity trader’s accounting methods.
The shares fell 7.5 percent to S$1.61 at the close, the lowest since May 16. The bonds dropped in Asian trade. Block said he is betting against the stock because Olam, which had a record level of shorts as of Nov. 15, is booking profits on transactions before it’s clear how the deals will work out. The company is “aggressive” in reporting gains on its biological assets, including plantations, crop, and cattle.