SINGAPORE Nov 20 Singapore commodities firm
Olam International Ltd said short-seller Muddy Waters
made "baseless and unsubstantiated assertions", after media
reports quoted Muddy Waters' Carson Block as questioning the
company's accounting practices.
"We are dismayed at the nature and lack of substance of
these assertions and opinions about Olam's financial position,
particularly as we were not contacted in advance by Carson Block
or anyone else from Muddy Waters," Olam said in a statement on
Tuesday after it halted its shares from trading.
Media reports quoted Block as saying he was betting against
Olam after questioning its accounting practices.
"We await the publication of their detailed report in this
regard today before we address issues raised by them in this
proposed report. We will defend Olam's strong reputation for
transparency and good governance against these baseless and
unsubstantiated assertions," Olam said.
Singapore state investor Temasek Holdings has a
nearly 16 percent stake in Olam, Thomson Reuters data shows.
Last week, Olam reported a 26 percent rise in first-quarter net
profit, spurring a rally in its shares.
(Reporting by Eveline Danubrata and Anshuman Daga; Editing by