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 US-based Muddy Waters LLC, an investment firm that claims it "sees through appearances to a Chinese company’s true worth," said earlier in the week that Olam engaged in "constant 'reclassification' of certain parts of its balance sheet", particularly prematurely booking changes in the value of biological assets. Full story
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'Fudge this' blooper haunts company - The New Zealand Herald
