Singapore's Olam says starts legal action against Muddy Waters

PHOTO: Singapore's Olam says starts legal action against Muddy Waters

SINGAPORE - Olam International Ltd said it has initiated legal action in the High Court of Singapore against both short-seller Muddy Waters, LLC and its founder Carson Block for statements made at a conference in London on Monday.

Olam gave no further details on its legal action in a terse statement issued on Wednesday.

Following Block’s Monday statements, which questioned Olam’s accounting practices, Muddy Waters stepped up its battle against Olam with a letter dated Nov. 20 that criticised the Singapore commodities trader’s debt and cash burn.

Investors, however, took the latest salvo in stride.

 

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