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Olam rejects assertions made by Muddy Waters and Carson Block

Published on Nov 23, 2012 10:43 AM

Commodities giant Olam International says that it "strongly rejects" the "baseless and unsubstantiated assertions" made by the US research firm Muddy Waters.

In its statement uploaded on the Singapore Exchange website after midnight, Olam added that it is in a sound financial position.

The saga started after Mr Block questioned Olam's accounting practices at a conference in London on Monday. Late on Wednesday, Olam said that it had started legal action against Muddy Waters and Mr Block for libel, slander and malicious falsehood. Yesterday, both Olam and Muddy Waters did not issue any update.

Olam shares were two cents weaker at $1.665 in early trading.