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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.
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:
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http://iceberg-research.com/2022/08/29/how-singapores-regulators-have-failed-nobles-investors/
honesty ( Date: 12-Sep-2023 10:32) Posted:
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Olam shares slump
OLAM Group&rsquo s shares tumbled the most in almost five years after the agricultural commodities trader denied allegations of a multibillion dollar fraud in Nigeria and ordered a review into the matter.
The company categorically denies the allegations about Olam Nigeria and its subsidiaries, and refutes all &ldquo baseless and inflammatory statements,&rdquo it said in a filing to the Singapore exchange on Monday (Sep 11). The group&rsquo s shares slumped around 10 per cent, the biggest intraday drop since October 2018, before paring some losses.
Olam Group&rsquo s business in Nigeria ranges from animal protein to rice farming and grains, and contributes more than US$3 billion of annual revenue. Given the nature of the allegations, the board has directed the audit committee to conduct a review assisted by external counsel and auditors, the company said.
Shares in Olam Group were 7.8 per cent lower by 3.06 pm, and were on track for the biggest daily decline since March 2020, after sliding for four straight months till August. BLOOMBERG
Olam denies media reports of US$50 billion Nigerian forex fraud, sets up review
OLAM Group said it &ldquo categorically denies&rdquo allegations made in recent media reports about its Nigerian unit, Olam Nigeria, and its subsidiaries being involved in a multi-billion dollar fraud.
On Monday (Sep 11), the food and agri-business giant said it &ldquo refutes all baseless and inflammatory statements&rdquo made in two articles published online by Daily Nigerian and PrimeBusiness.Africa last week.
However, in view of the nature of the allegations made, its board has directed the audit committee to &ldquo nevertheless conduct a review of the matter&rdquo .
Both articles claimed the Department of State Services was investigating Olam Nigeria, Olam Group and its subsidiaries for alleged fraud involving over US$50 billion.
They also said Olam allegedly funnelled US$34 billion into the Central Bank of Nigeria through its special purpose vehicles as capital importation at official rates, before round-tripping the foreign exchange by selling to other businesses at parallel market rates.
In its statement, Olam said references to the sums of US$50 billion and US$34 billion were &ldquo manifestly inaccurate and designed to be misleading&rdquo .
This is because the group&rsquo s cumulative turnover in Nigeria from FY2015 to FY2022 totalled US$14 billion, with its value of capital importations for the entire group in the country amounting to just US$2.4 billion.
It emphasised that there were &ldquo no fictitious directors&rdquo in Olam Nigeria like what Daily Nigerian claimed in its article &ndash nor did it have a &ldquo network of shell companies&rdquo as stated in the PrimeBusiness.Africa report.
&ldquo All Olam Nigeria subsidiaries are formed for a proper corporate purpose and are audited by EY Global&rsquo s member firm in Nigeria,&rdquo said the group.
Olam also clarified that references by both reports to its 2021 Ivory Coast incident &ndash where the group was ordered to pay for the repatriation of foreign currency &ndash incorrectly cited the compensation sum as US$262.7 million, as opposed to the actual sum of 2.925 billion CFA francs or US$5.3 million.
Addressing the articles&rsquo mentions of rule violations raised by the US&rsquo Commodity Futures Trading Commission as well as Ice Futures US, Olam said it has settled such matters &ldquo without admission or denial of the alleged breaches&rdquo .
&ldquo Olam Group will continue to monitor and strengthen its compliance process for its trading activities.&rdquo
The group added that it has responded to various legitimate requests for information by the relevant Nigerian authorities, and that it will cooperate with any legitimate requests for information or assistance from them.
Shares of ended S$0.01 or 0.8 per cent higher at S$1.28 on Friday.
The group issued a trading halt on Monday morning ahead of its announcement, and will resume trading at 2 pm on the same day.
To think if FX fraud allegation of 50B, Olam will be valued of hundreds of billion and share price will be over $5....
chicken feet la 1 million shares, should show their sincerity in buying 1 billion shares if so confident. the pain of noble has not gotten off, nonetheless once bitten twice shy, not invested in this having pained by the noble saga, those noble mgmt enjoying post retirement of their positions of investors' monies
zmatrixale ( Date: 11-Sep-2023 18:58) Posted:
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HUH, what Noble did was a true embarrassment to the so call strict SGX, the mgmt escaped unscathed and investors lost billions, losing a quarter million then was a big trauma, anyway life got to go on with such embarrasing principles! and nothing done to arrest the chairman of noble still enjoying life in hk,
FrancisLim ( Date: 12-Sep-2023 09:49) Posted:
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Temasek majority stake is the saving grace for this counter, anyone looking to short this counter should look at what happened to Carson Block. Any other commodities stocks, I would recommend to steer clear for sure.
They will not let this ship sink, even rescuing when the situation and allegations are way worse. Fortune favours the brave and calm, stay rational and wait for upcoming IPO news/official legal clearance to lift this ship.
They will not let this ship sink, even rescuing when the situation and allegations are way worse. Fortune favours the brave and calm, stay rational and wait for upcoming IPO news/official legal clearance to lift this ship.
T threw over $275 million over fraud ridden FTX Crypto Exchange...
yuhanooi ( Date: 12-Sep-2023 10:19) Posted:
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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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