Olam has fought back immediately. On 28 Nov, Olam published 133 pages report, it starts by saying:
“Everyone is entitled to their own opinions, but they are not entitled to their own facts” Senator Daniel Patrick Moynihan (1927-2003)
We refute the report’s allegations which are false and misleading. Our rebuttal to the 133 page report demonstrates the lack of substance in the claims. Our message to Carson Block (“CB”) and Muddy Waters (“MW”) is therefore clear – this time the mud won’t stick.
Whatever the case, the share price of Olam is already damaged
Here is the summary of the report:
- SOLVENCY: Olam faces no risk of insolvency. We have proactively planned for an appropriate capital structure and raised the requisite equity and debt to meet our investment plans. …