Olam Says Company Hasn’t Lost Business After Muddy Waters Report
Olam International Ltd. (OLAM), the commodity trader that Muddy Waters LLC likened to failed company Enron Corp., said it hasn’t lost business since the U.S. researcher published its report.
No counter-parties have pulled business away, Chief Executive Officer Sunny Verghese said today in an interview in Singapore. Verghese said at an earlier press briefing that Olam had reached out to most investors on a one-to-one basis, and that it’s grateful Temasek Holdings Pte, its second-largest shareholder, has stayed invested.
Muddy Waters founder Carson Block first questioned the company’s finances and accounting practices at a London conference on Nov. 19. The short seller rated Olam a strong sell in a 133-page report released on its website yesterday.
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