Singapore's Olam says starts legal action against Muddy Waters

SINGAPORE Wed Nov 21, 2012 6:41am EST

SINGAPORE Nov 21 (Reuters) - Olam International Ltd said it has initiated legal action in the High Court of Singapore against both short-seller Muddy Waters, LLC and its founder Carson Block for statements made at a conference in London on Monday.

Olam gave no further details on its legal action in a terse statement issued on Wednesday.

Following Block's Monday statements, which questioned Olam's accounting practices, Muddy Waters stepped up its battle against Olam with a letter dated Nov. 20 that criticised the Singapore commodities trader's debt and cash burn. Investors, however, took the latest salvo in stride. (Reporting by Eveline Danubrata and Anshuman Daga; Editing by Edmund Klamann)

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