Olam refutes Muddy Waters report after initial read

"No substance in their broad allegations".

Olam International said it has had an initial read of the Muddy Waters report that purportedly exposes its questionable accounting methods, among other accusations, "and remain clear that there is no substance in their broad allegations."

"We continue to study the report in greater detail and will provide a fuller response in due course," Olam said.

Olam expressed "complete confidence in its strong, differentiated business model," which it said has allowed it to lead in certain business segments.

"As stated by us in the past and also reported by many independent experts in the media, our accounting practices are fully compliant with international accounting standards, which are independently verified by Ernst & Young and are drawn up in accordance with the provisions of the Companies Act and Singapore Financial Reporting Standards," Olam reiterated.

Olam also shot another warning against its accusers. "We will clear our name and hold Muddy Waters accountable for their damaging actions," which in part involves the legal action it has already taken to the High Court of Singapore.