Olam Group    Last:1.3    +0.04

Olaim Group Financial Results

Company done another buyback today. Sending a positive message?

yuhanooi      ( Date: 11-Sep-2023 18:36) Posted: 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: U forget FTX TM also kana scammed by FT

 

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: U forget FTX TM also kana scammed by FTX yuhanooi      ( Date: 11-Sep-2023 16:27) Posted: 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.

 

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

 

U forget FTX TM also kana scammed by FTX

yuhanooi      ( Date: 11-Sep-2023 16:27) Posted: 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.

 

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.

 

I vestors don't believe the clarification by the management .

 

typical dilemma, do you collect now at cheap price or u dun touch a falling knife?

 

Mati Lor... Lau sai

ahbui8      ( Date: 11-Sep-2023 13:31) Posted: So fishy, maybe trying to attack in order to collect cheap. With the recent SBB, BBs really very difficult to collect very big lots in this counter.

 

So fishy, maybe trying to attack in order to collect cheap. With the recent SBB, BBs really very difficult to collect very big lots in this counter.

 

Can just short at opening after lifted?

 

So a pretty clear refutation from Olam, as I would have expected.

FATABA      ( Date: 11-Sep-2023 11:13) Posted: I think this type of article HEADLINE is certainly for creating FEAR.  wishing the public will dump it on opening .  Certainly OLam is right to halt the counter and awaiting their clarification is best.  Amount stated DO NOT tally at all to the balance sheet LOL  We know that plans are on its way to be listed early 2024 ....mths away .  ( do we suspect the objective and timing of some sources ? )  Anyway Temasek is the MAJOR shareholders ....I believe they look at the account clearer then those sources .  Awaiting the news patiently .  DYODD pls.  Alignment      ( Date: 11-Sep-2023 10:27) Posted: Notwithstanding the trading halt, some of the article seems exaggerated.  The ICE " substantial monetary penalty and disgorgement of profit" relates in total, I think, to US$461k only... ie an amount Olam would generate revenue in literally less than 5 minutes The US$262m Ivory Coast fine in 2021 is clearly a large number, but can anyone see it in the accounts? I tried (briefly) and I cannnot find it, and US$262m is a large enough number that it would show up. If anyone does see it in the accounts can they point it out - would be much appreciated.

 

Omg!  The ' muddy water' short-selling game coming back again from 2012 to haunt Olam ??

 

I think this type of article HEADLINE is certainly for creating FEAR.  wishing the public will dump it on opening . 
Certainly OLam is right to halt the counter and awaiting their clarification is best. 
Amount stated DO NOT tally at all to the balance sheet LOL 
We know that plans are on its way to be listed early 2024 ....mths away .  ( do we suspect the objective and timing of some sources ? ) 

Anyway Temasek is the MAJOR shareholders ....I believe they look at the account clearer then those sources . 
Awaiting the news patiently .  DYODD pls. 

Alignment      ( Date: 11-Sep-2023 10:27) Posted: Notwithstanding the trading halt, some of the article seems exaggerated.  The ICE " substantial monetary penalty and disgorgement of profit" relates in total, I think, to US$461k only... ie an amount Olam would generate revenue in literally less than 5 minutes The US$262m Ivory Coast fine in 2021 is clearly a large number, but can anyone see it in the accounts? I tried (briefly) and I cannnot find it, and US$262m is a large enough number that it would show up. If anyone does see it in the accounts can they point it out - would be much appreciated.

 

Notwithstanding the trading halt, some of the article seems exaggerated. 

The ICE " substantial monetary penalty and disgorgement of profit" relates in total, I think, to US$461k only... ie an amount Olam would generate revenue in literally less than 5 minutes

The US$262m Ivory Coast fine in 2021 is clearly a large number, but can anyone see it in the accounts? I tried (briefly) and I cannnot find it, and US$262m is a large enough number that it would show up. If anyone does see it in the accounts can they point it out - would be much appreciated. 



 

 

Got scammed ?

 

Ji Pai BBQ liow... KNN 50B.....7th month festival We also burn so much

Observers      ( Date: 11-Sep-2023 09:19) Posted: Jialat. Is this a side effect of France (EU) losing control of Francophone North Africa due to support from BRICS? Esp the R in BRICS? eddyeddy      ( Date: 10-Sep-2023 21:56) Posted: BUSINESS/LATEST NEWS Olam?s $50B Forex Scandal Sparks SSS Investigation By Emmanuel Ochayi 21 hours ago4 mins read SHARE THIS The State Security Service (SSS) has initiated a thorough investigation into a massive economic fraud scandal involving Olam Nigeria Limited, Olam International, and their nine subsidiaries, with an astonishing sum exceeding $50 billion at its core. This groundbreaking expose brings to light a web of financial deceit and underhanded dealings that have allegedly plagued the nation for years

 

Jialat. Is this a side effect of France (EU) losing control of Francophone North Africa due to support from BRICS? Esp the R in BRICS?

eddyeddy      ( Date: 10-Sep-2023 21:56) Posted: BUSINESS/LATEST NEWS Olam?s $50B Forex Scandal Sparks SSS Investigation By Emmanuel Ochayi 21 hours ago4 mins read SHARE THIS The State Security Service (SSS) has initiated a thorough investigation into a massive economic fraud scandal involving Olam Nigeria Limited, Olam International, and their nine subsidiaries, with an astonishing sum exceeding $50 billion at its core. This groundbreaking expose brings to light a web of financial deceit and underhanded dealings that have allegedly plagued the nation for years. eddyeddy      ( Date: 10-Sep-2023 21:55) Posted: https://www.primebusiness.africa/olams-50b-forex-scandal-sparks-sss-investigation/

 

The company' s answer is to call for a trading halt .... while they come up with some spin to to this story while lining their own pockets with SBB follwed by stock options exrecise when price falls on such news ... 
 

ysh2006      ( Date: 11-Sep-2023 05:18) Posted: It seem this Olam news not so hot many forumers no heed will it affect it share price traded in Sgx ? eddyeddy      ( Date: 10-Sep-2023 21:56) Posted: BUSINESS/LATEST NEWS Olam?s $50B Forex Scandal Sparks SSS Investigation By Emmanuel Ochayi 21 hours ago4 mins read SHARE THIS The State Security Service (SSS) has initiated a thorough investigation into a massive economic fraud scandal involving Olam Nigeria Limited, Olam International, and their nine subsidiaries, with an astonishing sum exceeding $50 billion at its core. This groundbreaking expose brings to light a web of financial deceit and underhanded dealings that have allegedly plagued the nation for years

 

It seem this Olam news not so hot many forumers no heed will it affect it share price traded in Sgx ?

eddyeddy      ( Date: 10-Sep-2023 21:56) Posted: BUSINESS/LATEST NEWS Olam?s $50B Forex Scandal Sparks SSS Investigation By Emmanuel Ochayi 21 hours ago4 mins read SHARE THIS The State Security Service (SSS) has initiated a thorough investigation into a massive economic fraud scandal involving Olam Nigeria Limited, Olam International, and their nine subsidiaries, with an astonishing sum exceeding $50 billion at its core. This groundbreaking expose brings to light a web of financial deceit and underhanded dealings that have allegedly plagued the nation for years. eddyeddy      ( Date: 10-Sep-2023 21:55) Posted: https://www.primebusiness.africa/olams-50b-forex-scandal-sparks-sss-investigation/