Olam drops legal action vs Muddy Waters

Lack of claimable assets cited.

In a release, Olam International (Olam) has decided to discontinue the pending legal action against Muddy Waters and Carson Block related to comments made at the Sohn London Investment Conference on November 19, 2012, particularly allegations on how Olam conducts its accounting methods. Olam said the Notice of Discontinuance has been filed in the High Court of Singapore.

Olam said that while the company has been able to serve notice on Muddy Waters, it has been unsuccessful in serving Carson Block despite its best efforts. In addition, after several months of investigation, no assets of consequence have been identified for either party against which claims can be made.

"After considering feedback received from several of its shareholders, Olam has decided it should now move forward and focus resources and management attention to deliver value for its continuing shareholders and other stakeholders," the company said further.