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Ya, T own 51% of the ship, can' t imagine it steered off course. Time they stamp their authority again, like to muddy years ago. Hope.
FrancisLim ( Date: 12-Sep-2023 09:49) Posted:
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All it takes is a match stick fire to cause a fast spreading bush fire...
yuhanooi ( Date: 12-Sep-2023 09:59) Posted:
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The african country is in quite a mess, having devalued their currency significantly recently. So news from there is quite murky, can blow both ways. Best case is that the smoke comes from a very small fire.
FrancisLim ( Date: 12-Sep-2023 09:22) Posted:
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Where the ship is tightly run, the ompany can put up a prompt and comprehensive pre-empive response to any spurious allegations.
Surely, the Co would have known of the so called investigation before the newspaper report? This is like being kicked in the shin and have a reflex action.
Calling for an audit or review is fine, but at the same time, what about the coverage of current auditors on the subject matter? Otherwise, may be perceivived as gasping for oxygen.
Wait for clarity. Dont want o end up like another Noble.. They are other commodities stock to buy, though they are equallly bleak currently.
Surely, the Co would have known of the so called investigation before the newspaper report? This is like being kicked in the shin and have a reflex action.
Calling for an audit or review is fine, but at the same time, what about the coverage of current auditors on the subject matter? Otherwise, may be perceivived as gasping for oxygen.
Wait for clarity. Dont want o end up like another Noble.. They are other commodities stock to buy, though they are equallly bleak currently.
LOL I see a lot of neg saying ....trying to push it down all the shortist are in action .
EVEN that old Muddy story came back ( he was slap slap the last round by big T)
All T need to do is to scoop up some stocks .....anyway, as I have said .....T certainly KNOW OLam account better then them
DYODD
EVEN that old Muddy story came back ( he was slap slap the last round by big T)
All T need to do is to scoop up some stocks .....anyway, as I have said .....T certainly KNOW OLam account better then them
DYODD
There is a saying - There is no smoke without fire.
The amount seems huge to be true.
The amount seems huge to be true.
iinvestor ( Date: 12-Sep-2023 09:05) Posted:
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Another joker stock in this sick sg market.....shortists favorite. Stay clear.
If Muddy Water comes in again for more unravelling news at this point. It will be a nail in coffin for Olam.
1) Postponed Europe IPO listing after getting investors hope high.. never mind, then
2) Postponed IPO listing in Saudi after getting investors hope high AGAIN...
Both IPO listing postponed with no concrete clear dates..
Those who bought at around $1.80 with high hope for the IPOs must be cursing already.
Next come this Nigeria scandal news. If u not vested in Olam, would you do it now?
2) Postponed IPO listing in Saudi after getting investors hope high AGAIN...
Both IPO listing postponed with no concrete clear dates..
Those who bought at around $1.80 with high hope for the IPOs must be cursing already.
Next come this Nigeria scandal news. If u not vested in Olam, would you do it now?
One step at a time bah...to sue for defamation also need proper report. Othrrwise it' s your words against mine. So they getting external counsel and auditor to back them up with external report first and they can sue later...
ahbui8 ( Date: 11-Sep-2023 19:53) Posted:
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MGM don' t dare to sue for defamation lei and going to conduct review. Meaning mgm also worry that this fraud maybe done behind their back.
eddyeddy ( Date: 11-Sep-2023 19:20) Posted:
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The scattering of dead crosses is a tellsign something is not right.
.
.
The mgm dare to deny if they really involved in it ?
Saw that the company also did a share buy back today to scoop up 1mil shares @$1.17 a piece. It could of course be a move to shore up confidence, but also equally at the same time a signal that the price is being baselessly pushed down. Either way, please dyodd. After the dust settles from today, tomorrow will be more interesting to observe.
Company done another buyback today. Sending a positive message?
yuhanooi ( Date: 11-Sep-2023 18:36) Posted:
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Ya, but unlike FTX, T is the super major shareholder here. No excuse for this major blunder. Hopefully, the news are baseless.
luckyguy3 ( Date: 11-Sep-2023 17:49) Posted:
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SEEM like that article really has a LOT of doubt.....here it is clearly explaint on SGX website. DYODD FYI
Announcement Olam Group Limited (" Olam" or the " Company" , and together with its subsidiaries, the " Olam Group" ) refers to two articles (the &ldquo Articles&rdquo ) recently published in Nigeria by www.dailynigerian.com and separately by www.primebusiness.africa concerning the activities of Olam Nigeria and its subsidiaries (" Olam Nigeria" ). By way of background, the Olam Group has its origins in Nigeria. Over the course of the last 34 years, the Olam Group has grown its presence to 67 countries and become a successful global food and agribusiness, with annual revenues of US$40.77billion in FY2022. Olam&rsquo s Nigerian operations continue to be a significant contributor to the Olam Group with annual revenues of US$3.114 billion, employing 4,500 employees across wheat milling, pasta manufacturing, integrated feed milling and protein production, rice farming and distribution, tomato farming, catalysing local wheat production, sesame processing, cocoa, cashew and cotton exports and branded packaged foods distribution with over 21 manufacturing plants, and directly benefiting over 140,000 farmers across the country. Olam plays an important role in addressing food security challenges facing Nigeria. We are one of the largest non-oil sector investors in Nigeria. The Company categorically denies the allegations in the Articles about Olam Nigeria and its subsidiaries being involved in a multi billion dollar fraud, and refutes all baseless and inflammatory statements made in the articles. To put into perspective the Olam Group' s operations in Nigeria: &bull Based on the Olam Group' s audited financial statements, which are publicly available, the Olam Group' s cumulative turnover in Nigeria (including all export, import and domestic sales) for FY 2015 to FY2022 was US$14 billion in total, and for the same eight (8)-year period, the value of capital importations (via Certificates of Capital Importations) for the entire Olam Group in Nigeria was US$2.4 billion in total. The references in the news articles to " $50 billion" and the sum of $34 billion " funneled&hellip under&hellip capital importation" by Olam are thus manifestly inaccurate and designed to be misleading. &bull The Company also wishes to emphasise that there are no " fictitious Nigerian directors" in Olam Nigeria, nor does the Olam Group have a " network of shell companies" . All Olam Nigeria subsidiaries are formed for a proper corporate purpose and are audited by Ernst & Young Global' s member firm in Nigeria. &bull With regard to the case in the Ivory Coast referred to in the Articles, after detailed audit and reconciliation, a sum of CFA francs 2.925 billion (US$5.29 million) inclusive of transaction costs 2 and tax adjustments was finally assessed and paid in 2021, and not the amount of US$262.7 million referred to in the articles. &bull With respect to the disclosures in the Articles concerning the US Commodities Futures Trading Commission and the ICE Futures US, these relate to trading activities undertaken by the relevant Olam entities. These matters were settled by Olam with the relevant regulatory authorities without admission or denial of the alleged breaches, and have been previously disclosed by the respective authorities.1 Olam Group will continue to monitor and strengthen its compliance process for its trading activities. The Company notes that Olam Nigeria have responded to various legitimate requests for information by the relevant Nigerian authorities, and will cooperate with any legitimate requests for information or assistance from relevant Nigerian authorities. Olam Group employees are required to abide by The Olam Code of Conduct (" the Code" ), under which they are required to, inter alia, uphold and comply with all laws and regulations. The Company treats with utmost seriousness any non-compliance with the Code by its employees and does not hesitate to take necessary action against any employee found in breach of it. Notwithstanding the Company&rsquo s position set out above, given the nature of the allegations stated in the Articles, the Board has directed the Audit Committee to nevertheless conduct a review of the matter (assisted by external counsel and external auditors). The Company will update our shareholders and the investing public on any material developments in accordance with the requirements of the SGX-ST listing rules. BY ORDER OF THE BOARD Sunny George Verghese Co-founder and Group CEO, Executive Director 11 September 2023
Announcement Olam Group Limited (" Olam" or the " Company" , and together with its subsidiaries, the " Olam Group" ) refers to two articles (the &ldquo Articles&rdquo ) recently published in Nigeria by www.dailynigerian.com and separately by www.primebusiness.africa concerning the activities of Olam Nigeria and its subsidiaries (" Olam Nigeria" ). By way of background, the Olam Group has its origins in Nigeria. Over the course of the last 34 years, the Olam Group has grown its presence to 67 countries and become a successful global food and agribusiness, with annual revenues of US$40.77billion in FY2022. Olam&rsquo s Nigerian operations continue to be a significant contributor to the Olam Group with annual revenues of US$3.114 billion, employing 4,500 employees across wheat milling, pasta manufacturing, integrated feed milling and protein production, rice farming and distribution, tomato farming, catalysing local wheat production, sesame processing, cocoa, cashew and cotton exports and branded packaged foods distribution with over 21 manufacturing plants, and directly benefiting over 140,000 farmers across the country. Olam plays an important role in addressing food security challenges facing Nigeria. We are one of the largest non-oil sector investors in Nigeria. The Company categorically denies the allegations in the Articles about Olam Nigeria and its subsidiaries being involved in a multi billion dollar fraud, and refutes all baseless and inflammatory statements made in the articles. To put into perspective the Olam Group' s operations in Nigeria: &bull Based on the Olam Group' s audited financial statements, which are publicly available, the Olam Group' s cumulative turnover in Nigeria (including all export, import and domestic sales) for FY 2015 to FY2022 was US$14 billion in total, and for the same eight (8)-year period, the value of capital importations (via Certificates of Capital Importations) for the entire Olam Group in Nigeria was US$2.4 billion in total. The references in the news articles to " $50 billion" and the sum of $34 billion " funneled&hellip under&hellip capital importation" by Olam are thus manifestly inaccurate and designed to be misleading. &bull The Company also wishes to emphasise that there are no " fictitious Nigerian directors" in Olam Nigeria, nor does the Olam Group have a " network of shell companies" . All Olam Nigeria subsidiaries are formed for a proper corporate purpose and are audited by Ernst & Young Global' s member firm in Nigeria. &bull With regard to the case in the Ivory Coast referred to in the Articles, after detailed audit and reconciliation, a sum of CFA francs 2.925 billion (US$5.29 million) inclusive of transaction costs 2 and tax adjustments was finally assessed and paid in 2021, and not the amount of US$262.7 million referred to in the articles. &bull With respect to the disclosures in the Articles concerning the US Commodities Futures Trading Commission and the ICE Futures US, these relate to trading activities undertaken by the relevant Olam entities. These matters were settled by Olam with the relevant regulatory authorities without admission or denial of the alleged breaches, and have been previously disclosed by the respective authorities.1 Olam Group will continue to monitor and strengthen its compliance process for its trading activities. The Company notes that Olam Nigeria have responded to various legitimate requests for information by the relevant Nigerian authorities, and will cooperate with any legitimate requests for information or assistance from relevant Nigerian authorities. Olam Group employees are required to abide by The Olam Code of Conduct (" the Code" ), under which they are required to, inter alia, uphold and comply with all laws and regulations. The Company treats with utmost seriousness any non-compliance with the Code by its employees and does not hesitate to take necessary action against any employee found in breach of it. Notwithstanding the Company&rsquo s position set out above, given the nature of the allegations stated in the Articles, the Board has directed the Audit Committee to nevertheless conduct a review of the matter (assisted by external counsel and external auditors). The Company will update our shareholders and the investing public on any material developments in accordance with the requirements of the SGX-ST listing rules. BY ORDER OF THE BOARD Sunny George Verghese Co-founder and Group CEO, Executive Director 11 September 2023
U forget FTX TM also kana scammed by FTX
yuhanooi ( Date: 11-Sep-2023 16:27) Posted:
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This counter getting more and more dubious.
Think this is one of the counter that raises the most notes most aggressively than hyflux.
Company was doing serious buybacks just recently. That should be sign of confidence. How they can pull off shady deals in Nigeria under T's noses is beyond believe, if true.