The legal action was initiated in the High Court of Singapore following Block’s statements against the company at a conference in London on Nov. 19, Olam said yesterday in a regulatory filing. The suit, which couldn’t immediately be confirmed in the court, is for slander, libel and/or malicious falsehood, Olam’s spokesman Aditya Renjen said. He declined to comment on the size of the damages sought.
HONG KONG — Carson C. Block made a name for himself and his company, Muddy Waters Research, by betting big against the shares of Chinese companies that were listed in North America. Now he is setting his sights on Singapore.
On Wednesday, Muddy Waters published a scathing letter on its Web site saying that Olam International, an agricultural commodities company partly owned by the Singaporean sovereign wealth fund Temasek Holdings, was “at risk of collapsing” because of its debt load and other factors. The letter echoed similar comments Mr. Block made on Monday at a forum in London.
Olam responded on Wednesday, saying it had filed a lawsuit against Muddy Waters and Mr. Block in Singapore’s high court regarding the comments made in London. The suit involves charges of libel, slander or malicious falsehoods, a spokeswoman for Olam said. She added that the company was seeking damages but gave no details.