‘Fudge’ comment comes back to haunt Olam

Wed, 21 Nov 2012

Nov. 22 (BusinessDesk) - An accountant's blunder in the 2009 accounts of New Zealand Farming Systems Uruguay has come back to haunt Singaporean commodities giant Olam International as part of an attack on its performance by an investment firm renowned for shorting Asian stocks. An undeleted comment to "fudge this", included in notes to the financial statements for the 2009 financial year and released to the NZX by NZFSU, related to the need to round a non-cash depreciation element, but caused acute embarrassment at the time. Carson Block of U...

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