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Olaim Group Financial Results

无 风 不 起 浪 ， 小 心 为 妙

 

N1 billion is about USD1.34m dollars...expensive bond to put up.....dark waters

 

I am surprise some of you believe in the " Daily N " news .....lol 
Hv you ask if it is reliable .....or another no smoke without fire ......U can light a match stick and claim a huge fire  is coming to ..( hahaha ) 
Dyodd

 

Appears to me that this is more like a witch hunting campaign by the authorities without any substantial evidence and they are merely doing the audit checks for evidence now.

zmatrixale      ( Date: 12-Sep-2023 21:14) Posted: This got me reading more into what's going on in Nigeria and it certainly looks like a lot of drama happening given the change in leadership and what seems to be politically motivated actions to go after the previous Central Bank Governor, which is spilling over into Olam and others. Messy indeed. Hope it doesn't drag out too long. luckyguy3      ( Date: 12-Sep-2023 19:32) Posted: http://dailynigerian.com/multibillion-dollar-fraud-olam/ Olam Nigeria Limited has paid a huge bail bond of N1billion to secure the release of one of its directors, Prakash Kanth. The payment was made into a special recovery account operated by  the State Security Service, SSS. Other top executives of the company have reportedly fled the country in the wake of the arrest of the governor of the Central Bank of Nigeria, Godwin Emefiele and his accomplices.

 

This got me reading more into what's going on in Nigeria and it certainly looks like a lot of drama happening given the change in leadership and what seems to be politically motivated actions to go after the previous Central Bank Governor, which is spilling over into Olam and others. Messy indeed. Hope it doesn't drag out too long.

luckyguy3      ( Date: 12-Sep-2023 19:32) Posted: http://dailynigerian.com/multibillion-dollar-fraud-olam/ Olam Nigeria Limited has paid a huge bail bond of N1billion to secure the release of one of its directors, Prakash Kanth. The payment was made into a special recovery account operated by  the State Security Service, SSS. Other top executives of the company have reportedly fled the country in the wake of the arrest of the governor of the Central Bank of Nigeria, Godwin Emefiele and his accomplices.

 

Actually is just small issue, 1/3 of Olam agri already belong to Saudi 😜 , even if real, the fraud is done behind Olam back. Therefore worse case is being fined by Nigeria. Main concern is affecting the Olam agriculture IPO.

Alignment      ( Date: 12-Sep-2023 19:56) Posted: I start off fby asking myself what do I know for sure? What I know for a fact is that the comments the article made relating to Ivory Coast and ICE were totally wrong and/or misleading. That makes me attribute limited credibility to the rest of the article. In contrast, I know that the Olam announcement relating to Ivory Coast and ICE were accurate and truthful. It therefore adds to the credibillity of what they are saying with respect to Nigeria.  Olam have acknowledged that the relevant Nigerian authorities have made enquires. Fair enough. Looking at examples of outcomes of allegations of this nature in the past, I don' t think the size of any penalty for Olam, if indeed there was any wrongful activity, is likely to be material for Olam. Not wishing to be blaise, but commodity companies get fined all the time and they are almost always slaps on the wrist. Finally, I think the fact that this is an Olam Agri business which SALIC recently bought a significant stake in is helpful in various ways. They would have done significant DD ahead of their acquisition (facilitated by Temasek). The comparison with FTX some people have made on this forum is frankly ridiculous, as the level of information Temasek will have for a company they control is totally different from a speculative tech punt. Meanwhile politically this would have been an important deal for Saudi, which has good relations with Nigeria. Nigeria may not care too much about annoying Singapore, but it will care about Saudi Arabia. I could be wrong. Clearly a lot of money has concerns. Let' s see.

 

I start off fby asking myself what do I know for sure? What I know for a fact is that the comments the article made relating to Ivory Coast and ICE were totally wrong and/or misleading. That makes me attribute limited credibility to the rest of the article. In contrast, I know that the Olam announcement relating to Ivory Coast and ICE were accurate and truthful. It therefore adds to the credibillity of what they are saying with respect to Nigeria. 

Olam have acknowledged that the relevant Nigerian authorities have made enquires. Fair enough. Looking at examples of outcomes of allegations of this nature in the past, I don' t think the size of any penalty for Olam, if indeed there was any wrongful activity, is likely to be material for Olam. Not wishing to be blaise, but commodity companies get fined all the time and they are almost always slaps on the wrist.

Finally, I think the fact that this is an Olam Agri business which SALIC recently bought a significant stake in is helpful in various ways. They would have done significant DD ahead of their acquisition (facilitated by Temasek). The comparison with FTX some people have made on this forum is frankly ridiculous, as the level of information Temasek will have for a company they control is totally different from a speculative tech punt. Meanwhile politically this would have been an important deal for Saudi, which has good relations with Nigeria. Nigeria may not care too much about annoying Singapore, but it will care about Saudi Arabia.

I could be wrong. Clearly a lot of money has concerns. Let' s see.     

 

http://dailynigerian.com/multibillion-dollar-fraud-olam/

Olam Nigeria Limited has paid a huge bail bond of N1billion to secure the release of one of its directors, Prakash Kanth.

The payment was made into a special recovery account operated by  the State Security Service, SSS.

Other top executives of the company have reportedly fled the country in the wake of the arrest of the governor of the Central Bank of Nigeria, Godwin Emefiele and his accomplices.

 

The Nigerian govt never deny that there is investigation leh... so must be real lo..

if news article fake, Nigerian govt will come out and say they are not investigating and the news is fake right? 

Alignment      ( Date: 12-Sep-2023 18:26) Posted: It' s amazing that a news article of such dubious credibility was able to move the share price of a multibillion market cap company in such a way. Olam must have a lot of speculative shareholders who have not done their research and who therefore are easily scared into dumping their shares.

 

But tis is investigations by the nigerian authorities..
Might be serious rnough to warrant such investigation.. so no smoke no fire..

Alignment      ( Date: 12-Sep-2023 18:26) Posted: It' s amazing that a news article of such dubious credibility was able to move the share price of a multibillion market cap company in such a way. Olam must have a lot of speculative shareholders who have not done their research and who therefore are easily scared into dumping their shares.

 

It' s amazing that a news article of such dubious credibility was able to move the share price of a multibillion market cap company in such a way.

Olam must have a lot of speculative shareholders who have not done their research and who therefore are easily scared into dumping their shares.   

 

As a ordinary member we just observed what others tell us i will be called f everything clear clear this foru Be insider info

zmatrixale      ( Date: 12-Sep-2023 17:15) Posted: If wrongdoing is found, those responsible must answer for it. At the same time, the media reports are by themselves also quite dodgy, with no sources cited and no press releases published on the DSS website when I last checked a few minutes ago. The whole episode sounds like someone is purposely stirring the pot. FrancisLim      ( Date: 12-Sep-2023 17:08) Posted: Reuters:    The company said that its unit Olam Nigeria has responded to requests for information by Nigerian authorities and will continue to cooperate. The Company does not deny that it is under investigation? But denied that the allegations as reported in the press were false. Would stay away from this counter, till more clarity on the investigation.

 

If wrongdoing is found, those responsible must answer for it. At the same time, the media reports are by themselves also quite dodgy, with no sources cited and no press releases published on the DSS website when I last checked a few minutes ago. The whole episode sounds like someone is purposely stirring the pot.

FrancisLim      ( Date: 12-Sep-2023 17:08) Posted: Reuters:    The company said that its unit Olam Nigeria has responded to requests for information by Nigerian authorities and will continue to cooperate. The Company does not deny that it is under investigation? But denied that the allegations as reported in the press were false. Would stay away from this counter, till more clarity on the investigation.

 

Reuters:    The company said that its unit Olam Nigeria has responded to requests for information by Nigerian authorities and will continue to cooperate.

The Company does not deny that it is under investigation? But denied that the allegations as reported in the press were false.

Would stay away from this counter, till more clarity on the investigation.

 

The allegations not justified. If they say a few billions, people may believe. Multi 50 Bil, Olam will be over hundreds of billion worth. Hope T can scoop up more and privatize it. 

 

T has 51% , unlikely mgm can lie fir nothing.

 

Wow compare Olam with noble and hyflux 😂 😂 😂 I very worried liao, once TH sell, I sell also. Bear in mind, 1/3 of Olam agricultural businesses belong to Saudi fund liao 😜

 

another pet peeve HYFLUX, many said prevented from selling to some interested foreign buyers, ultimately went bust. many shareholders mom n pop lost, not sure if can recover from the ex chairman, sadly the water plant taken at 1/-$ or 0/-$, extremely sad and hurtful, nothing forthcoming from regulators earlier to stop the rights issues etc

 

Still waiting for actions to be taken against the mgt of Eagle Hospitality Trust that turned belly in less than 1 year onf IPO in Singapore.  This IPO was lead and arranged by DBS and the trustee was also DBS trustee.  Also, DBS was the secured creditor in the syndicated loan and probably exited without being scathed.

It was much touted as the first US hospitality trust.. it went bust because of misrepresentations, etc... which reflected the quality of due diligence.

Another black mark to the regulatory approval and failure so far to take actions against those responsible for bring this to Singapore exchange.

 

yes nowadays only junk companies doing IPO here... 

honesty      ( Date: 12-Sep-2023 12:17) Posted: thanks, didnt even notice this news and the following texts, hopefully charges could be reinstated on those irresponsible mgmt team, and hopefully none in mgmt position currently in other companies. total disgrace to cause i believe many sporeans lost money and yet still looking at closure from the regulators! The Singapore government shows no signs of wanting to change how its stock exchange is regulated. Wise investors will move their money elsewhere. And many Singaporean companies listed overseas will continue to dismiss the SGX as a potential venue for listing. Who can blame them?  It&rsquo s widely believed that prosecuting Enron&rsquo s management and reinforcing the regulatory environment strengthened capital markets in the US along with their competitive position. The Noble saga was an opportunity for the SGX to redeem itself. But its refusal to prosecute Noble&rsquo s fraudsters is the last straw for its already tarnished reputation. luckyguy3      ( Date: 12-Sep-2023 11:31) Posted: http://iceberg-research.com/2022/08/29/how-singapores-regulators-have-failed-nobles-investors/