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Olam International: Financial Reporting and Disclosure
內容大綱
On Monday, 19 November 2012, during a speech at the Investment Forum in London, Carson Block, the founder and research director of Muddy Waters LLC (MW), challenged Olam International (Olam), a major agricultural trading company on the Singapore Exchange. He questioned the company's huge debts and accounting practices and indicated that he was short selling the stock. Following this news, trading on Olam's stock was immediately suspended at Singapore Exchange. In less than ten minutes after trading resumed, the stock price plummeted by 11%, creating the largest single-day drop in six months. One week later, on Tuesday, 27 November 2012, MW released a 133-page-long research report on Olam, challenging its solvency, business model, accounting practices and capital expenditure. On December 17, Olam's stock price closed at S$1.395. It was the first time since March 2009 that the stock price had fallen below S$1.40. In the month following Block's critique, Olam's stock price fell nearly 20%. The case examines the reasons for the highly negative response to Block's analysis and reviews Olam's responses to the crisis aiming to uncover insights and lessons from the episode.