Short-seller Carson Block, founder of Muddy Waters Research, continued his attack against Singapore-listed Olam International on Tuesday, characterizing the company's $1.25 billion fund-raising plan as a "sovereign bailout" a week after the commodities trader said it had enough liquidity.
Carson Block, founder of Muddy Waters Research, spoke with Bloomberg Television's Stephanie Ruhle and Tom Keene on 'Market Makers' Tuesday about his report on Olam International, and said that he's lost interest in betting against Chinese stocks.
The ongoing tussle between Muddy Waters and Singapore commodities firm Olam International further heated up after the short-seller published a much-awaited 133-page report on Tuesday detailing "shocking" accounting gaffes at the trading firm, prompting Olam to respond with a 45-page rebuttal on Wednesday.
Olam International Ltd. (OLAM), the world’s second-largest rice trader, sued investment firm Muddy Waters LLC and its founder Carson Block for defamation after they questioned the commodity supplier’s accounting methods.
The latest apparent target of Muddy Waters - Olam International - saw its stock plummet in over-the-counter trading in the U.S. Monday, after the short-seller was quoted in media reports questioning the accounting practices of the Singapore-based commodity trading firm.