November 28, 2012 / 2:36 AM / in 5 years

Olam rejects Muddy Waters allegations, says no risk of insolvency

SINGAPORE, Nov 28 (Reuters) - Olam International Ltd dismissed allegations by short-seller Muddy Waters, which attacked the Singapore commodity trader’s acquisitions and accounting, and said it faces no risk of insolvency.

Olam, 16 percent owned by Singapore state investor Temasek Holdings Pvt Ltd, said in a 45-page report on Wednesday that it has sufficient liquidity to pursue its current business and future investments.

“We believe that the report’s assertions are motivated to distract and create panic amongst our continuing shareholders, bond holders and creditors,” Olam said in a statement.

Muddy Waters on Tuesday released a long-awaited report detailing its attacks on Olam, which the commodity trader dismissed as lacking in substance. (Reporting by Charmian Kok and Saeed Azhar; Editing by Edmund Klamann)

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