Muddy Waters took its name from a Chinese proverb about fishing in unclear waters. It doesn’t get much cloudier than a company whose operations span Uruguayan dairy farming, California tomato-processing and flour-milling in Ghana. That makes the shortseller’s long-awaited report on Olam, the Singapore commodities trader, equally hard to assess. But the report, now published online, does raise questions to which Olam must respond.
浑水公司(Muddy Waters)得名于中国的一句成语——浑水摸鱼。但比起一家在乌拉圭经营奶牛尝在加州做番茄加工、在加纳开面粉加工厂的企业,浑水公司并没有“浑浊多少。考虑到这一点,我们同样很难对这家做空公司令人期待已久的有关新加坡大宗商品交易商奥兰(Olam)的报告做出评估。但这份现在已在网上公布的报告,确实提出了一些令奥兰无法回避的问题。
The claims include typical accounting eyebrow-raisers, such as frequent revisions that rarely affect profits and potentially curious moves in cash balances. Muddy Waters also claims that Olam’s profits are bolstered by paper gains and the use of derivatives recorded at modelled, not market, prices. Capital spending it describes as “a black hole. Olam has rejected the claims, saying that there was “no substance in the broad allegations and that it would respond in further detail. It filed a defamation claim in the Singapore high court last week over similar comments by Carson Block, Muddy Waters’ research director, at a recent presentation in London.
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2020-09-15
2020-09-15
2020-09-15
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2020-09-15