Olam International

In 1989, the Kewalram Chanrai Group established Olam Nigeria Plc to set up a non-oil based export operation out of Nigeria to secure hard currency earnings to meet the foreign exchange requirements of the other Group Companies operating in Nigeria. The success of this operation resulted in Olam establishing an independent export operation and sourcing and exporting other agricultural products. The Group's agri-business was headquartered in London until 1996, and operated under the name of "Chanrai International Limited". The business began with the export of cashews from Nigeria and then expanded into exports of cotton, cocoa and sheanuts from Nigeria.{{cite book |last1=Bin Yahya |first1=Faizal |title=Intraco: Blazing A Trail Overseas For Singapore? |date=2014 |publisher=World Scientific Publishing |location=Singapore |isbn=978-981-4623-88-9 |page=129 |url=https://books.google.com/books?id=Lh63CgAAQBAJ&pg=PA129 |language=en}}{{cite book |last1=Bhattacharya |first1=Jayati |title=Beyond the Myth: Indian Business Communities in Singapore |date=2011 |publisher=Institute of Southeast Asian Studies |location=Singapore |isbn=978-981-4345-27-9 |page=263 |url=https://books.google.com/books?id=i1wHhsF_P5kC&pg=PA263 |language=en}}

Between 1993 and 1995, the business grew from a single operation into multiple origins, first within West Africa, and then to East Africa and India.{{cite book |last1=Nandini |first1=Vijayaraghavan |last2=Umesh |first2=Desai |title=Singapore Blue Chips |date=2017 |publisher=World Scientific Publishing |location=Singapore |isbn=978-981-4759-75-5 |page=271 |url=https://books.google.com/books?id=dOqtDgAAQBAJ&pg=PA271 |language=en}}{{cite news |last1=Wagner |first1=Julien |title=Agroalimentaire: Olam desserre l'étreinte |url=https://www.jeuneafrique.com/mag/756742/economie/agroalimentaire-olam-desserre-letreinte/ |work=Jeune Afrique |date=3 April 2019 |language=fr-FR}} The move into multiple origin countries coincided with the deregulation of the agricultural commodity markets.{{cite news |last1=Owoeye |first1=Olufikayo |last2=Odubola |first2=Israel |last3=Adams |first3=Segun |title=Olam: Three decades and no slowing down on Nigeria's agribusiness value chain |url=https://businessday.ng/companies/article/olam-three-decades-and-no-slowing-down-on-nigerias-agribusiness-value-chain/ |work=Business Day |date=2 September 2019}}

Olam International Limited was incorporated in Singapore on 4 July 1995 as a public limited company.{{cite web |title=OLAM INTERNATIONAL LIMITED |url=https://opencorporates.com/companies/sg/199504676H |website=opencorporates |access-date=31 May 2020}} In 1996, at the invitation of the Singapore Trade Development Board (now Enterprise Singapore), Olam relocated their entire operations from London to Singapore. Furthermore, the Singapore Government awarded Olam the Approved International Trader status (now called the Global Trader Programme) under which Olam was granted a concessionary tax rate of 0%, which was subsequently reduced, in 2004, to 100%. On relocation to Singapore, the Group's agri-business was reorganised to be wholly owned by Olam International Limited in Singapore.

In 2002, AIF Capital became the first external investor to take an equity stake in the company.{{cite news |last1=Philip |first1=Joji Thomas |title=Sunny Verghese {{!}} Aiming for long-term returns |url=https://www.livemint.com/Companies/rUCPu9ZO2ZrNGPQ3296ADI/Sunny-Verghese--Aiming-for-longterm-returns.html |work=Livemint |date=21 March 2014 |language=en}}{{cite web |title=Case Study:Olam |url=https://www.empea.org/app/uploads/2017/03/EMPEA_CaseStudy_Olam.pdf |publisher=Emerging Markets Private Equity Association |access-date=2 June 2020}} In 2003, Singapore's state-owned Temasek Holdings, through its wholly owned subsidiary Seletar Investments, took a stake in Olam, followed by International Finance Corporation (IFC).{{cite web |title=Olam International Ltd: New Credit Overview |url=https://www.ocbc.com/assets/pdf/credit%20research/corporates%20reports/2016/ocbc%20asia%20credit%20-%20olam%20initiation%20report%20(30%20may).pdf |website=OCBC Bank |date=30 May 2016}} On 11 February 2005, Olam International Limited was listed on the main board of the Singapore Exchange. In 2007, Olam acquired Queensland Cotton, including its American subsidiary Anderson Clayton.{{cite web | url=https://www.graincentral.com/news/agribusiness/queensland-cotton-hits-the-century/ | title=Queensland Cotton hits the century | date=6 December 2021 }} Temasek made a further investment in Olam in 2009.{{cite news |title=Singapore's Temasek buys Olam stake for $303 mln |url=https://www.reuters.com/article/olam-temasek-idUSSIN39330520090601 |work=Reuters |date=1 June 2009 |language=en}}

As of December 2014, following a Voluntary General Offer{{Citation| title=Voluntary Unconditional Cash Offer: Close of the Offer, Dealings Disclosure and Final Level of Acceptances for 23 May 2014|url=https://www.olamgroup.com/content/olamgroup/en/home-page/investors/investor-library/sgx/2014/05/voluntary-unconditional-cash-offer-close-offer-dealings-disclosure-final-level-acceptances-23-may-2014.html|access-date=31 May 2020}} Temasek held close to 80% of Olam.{{cite news |last1=Humber |first1=Yuriy |title=Temasek Unit Gets Control of Olam With 80% at Takeover Bid Close |url=https://www.bloomberg.com/news/articles/2014-05-23/temasek-unit-gets-control-of-olam-with-80-at-takeover-bid-close |work=Bloomburg |date=23 May 2014}} By 2020 this had reduced to 53.4%.{{cite web |title=Shareholding Structure |url=https://www.olamgroup.com/investors/company-information/shareholding-structure.html |website=Olam |access-date=31 May 2020}} In 2015 Mitsubishi Corporation acquired a shareholding of 20% making them the second largest shareholder.{{cite news |last1=Daga |first1=Anshuman |last2=Azhar |first2=Saeed |title=Olam gets new backer as Mitsubishi spends $1.1 billion on 20 percent stake |url=https://www.reuters.com/article/us-olam-strategic-sale-idUSKCN0QW1M820150828 |work=Reuters |date=28 August 2015 |language=en}}

The management team of Olam has a shareholding in the company approximating 6.3% of the total issued share capital. Olam's free float owned by public shareholders accounts for approximately 15.9% of the total issued share capital in 2020.

The group's food-ingredients division, OFI, had planned an IPO in late 2022, which was delayed due to the volatility caused by the Russian invasion of Ukraine.{{Cite web |last=Zhu |first=Michelle |date=24 March 2022 |title=Olam Group's OFI to delay IPO and listing due to Russia-Ukraine conflict |url=https://www.businesstimes.com.sg/companies-markets/olam-groups-ofi-to-delay-ipo-and-listing-due-to-russia-ukraine-conflict |access-date=12 April 2022 |website=The Business Times}}

In 2010, Olam International discussed a possible merger with one of its main competitors; Geneva-based Louis Dreyfus Company, the world's largest cotton and rice trading company. This idea was abandoned in early 2011.{{cite news |last1=Robinson |first1=Gwen |title=Louis Dreyfus, Olam end talks |url=https://ftalphaville.ft.com/2011/02/15/488256/louis-dreyfus-talks-with-olam/ |work=Financial Times |date=15 February 2011|url-access=registration}}

Olam announced in July 2013, that it would sell its cotton assets in Zimbabwe, with the preferred buyer being a private equity company.{{Citation

| url = http://allafrica.com/stories/201307180300.html

| title= Olam to Sell Zim Assets

| year = 2013

| publisher = AllAfrica.com

| location = Africa

}}{{cite news |title=Olam to sell Zim assets |url=https://www.herald.co.zw/olam-to-sell-zim-assets/ |work=The Herald |date=17 July 2013}}

In 2019, the company announced plans to sell its sugar, rubber, wood products and fertiliser units.{{cite news |last1=Lee |first1=Justina |title=Olam to sell off rubber, sugar, wood products, fertilizer business |url=https://asia.nikkei.com/Business/Companies/Olam-to-sell-off-rubber-sugar-wood-products-fertilizer-business |work=Nikkei Asian Review |date=25 January 2019}}

In January 2020, Olam International announced division of its portfolio of diverse products into two new operating businesses, Olam Food Ingredients (OFI) and Olam Global Agri (OGA). The decision followed from its 2019 business review, and a multi-year plan announced early in 2019 to invest US$3.5 billion into key growth areas, such as edible nuts, coffee and cocoa, while shedding other sectors.{{Cite web|url=https://www.channelnewsasia.com/news/business/olam-to-form-two-businesses-as-part-of-revamp-12287366|title=Olam divides businesses into two units, eyes listings|website=CNA|language=en|access-date=2020-04-05}} In the statement released by the firm, Olam Food Ingredients (OFI), will consist of its cocoa, coffee, edible nuts, spices and dairy businesses, Olam Global Agri (OGA) will include grains and animal feed, edible oils, rice, cotton and commodity financial services.{{Cite web|url=https://www.straitstimes.com/business/companies-markets/olam-splits-businesses-into-two-units|title=Olam splits businesses into two units|last=hermes|date=2020-01-21|website=The Straits Times|language=en|access-date=2020-04-05}}

In 2020, Olam Cocoa, a subsidiary of Olam International, rolled out a new initiative in partnership with the Fair Labor Association (FLA) and local cocoa farming cooperatives to digitally register its nearly 7,000 farmer suppliers in Cameroon and their households.{{Cite web|url=https://www.confectionerynews.com/Article/2020/03/12/Olam-Cocoa-introduces-new-app-to-monitor-child-labour-on-farms-in-West-African-countries|title=Olam Cocoa introduces new app to monitor child labour on farms in West African countries|last=confectionerynews.com|website=confectionerynews.com|language=en-GB|access-date=2020-04-05}} This also include introducing rigorous tractability and reporting systems, educating local communities about child labor, as well as setting up dedicated child labor monitoring and remediation systems (CLMRS). In 2018/2019, Olam found more than 7,000 instances of inappropriate child labor in its supply chain, remediating approximately 70% of them. {{Cite web|url=https://www.candyindustry.com/articles/89050-olam-cocoa-continues-work-to-eradicate-child-labor?v=preview|title=Olam Cocoa continues work to eradicate child labor|website=www.candyindustry.com|language=en|access-date=2020-04-05}} This is the first instance of professional application of such initiatives at such a scale in Cameroon.{{Cite web|url=https://cocoainitiative.org/news-media-post/olam-cocoa-introduces-the-first-professionalised-child-labour-monitoring-and-remediation-to-cameroon/|title = Olam Cocoa introduces the first professionalised child labour monitoring and remediation to Cameroon}} Forward, the company plans to expand its initiative to cover nearly 223,000 farmers in three countries across West Africa.

Olam International currently one of the founding members of the Sustainable Rice Platform (SRP),{{Cite web |last= |title=The race against time to cut rice's carbon footprint |url=http://www.eco-business.com/news/the-race-against-time-to-cut-rices-carbon-footprint/ |access-date=2020-04-05 |website=Eco-Business |language=en}} a multi-stakeholder platform, co-convened by United Nations Environmental Programme (UNEP) and the International Rice Research Institute to promote resource efficiency and sustainable trade flows, production and consumption operations, and supply chains in the global rice sector.{{Cite web|url=http://www.sustainablerice.org/Get-Involved/#members-list|title=Sustainable Rice Platform (SRP)|website=www.sustainablerice.org|access-date=2020-04-05}}{{Cite web|url=http://www.unenvironment.org/explore-topics/resource-efficiency/what-we-do/sustainable-lifestyles/sustainable-rice-platform|title=Sustainable Rice Platform|last=Environment|first=U. N.|date=2017-09-28|website=UNEP - UN Environment Programme|language=en|access-date=2020-04-05}}

in order to improve crop yields in its network, Olam Cocoa has implemented a digital information system called Olam Farmer Information System (OFIS) to collect data from more than 160,000 cocoa farmers across 20 countries, tracking a range of farm level data points including cocoa tree age and soil type.{{Cite web|url=https://www.confectioneryproduction.com/feature/25355/olams-cocoa-sustainability-drives-makes-headway-in-ghana/|title=Olam's cocoa sustainability drive makes headway in Ghana}} For the 2020 growing season, Olam Cocoa has joined a program with the Ghana Cocoa Board (COCOBOD) to distribute locally-sourced fertilizer to cocoa farmers in its cocoa sourcing operations in that country.{{Cite web|url=https://www.graphic.com.gh/news/general-news/cocobod-to-purchase-fertilisers-from-local-companies-beginning-next-year.html|title = COCOBOD to purchase fertilisers from local companies, beginning next year}}

Between 2011 and 2015, Olam's palm oil trade volume grew by approximately twenty times—from 71,000 tons to 1.53 million tons.{{Cite web |title=RSPO Progress Report 2015, Olam International |url=http://www.rspo.org/file/acop2015/submissions/olam%20international%20limited-ACOP2015.pdf |website=Roundtable on Sustainable Palm Oil}} Despite Olam's stated commitment to RSPO-certified palm oil, the company shunned transparency as it expanded its palm oil production.{{cite web |title=Seeds of Destruction |url=https://www.rainforestfoundationuk.org/media.ashx/seeds-of-destruction-2013-english.pdf |publisher=Rainforest Foundation UK |date=February 2013}}{{Cite news|url=http://www.triplepundit.com/2017/02/ag-commodities-giant-agrees-to-stop-deforestation-in-africa/|title=Ag Commodities Giant Agrees to Stop Deforestation in Africa|date=2017-02-22|work=Triple Pundit: People, Planet, Profit|access-date=2017-06-28|language=en-US}}

A report{{Cite web |date=December 2016 |title=Palm Oil's Black Box |url=http://www.mightyearth.org/wp-content/uploads/2016/07/Olam-technical-report_Dec-9_with-images_lowres1-002.pdf |website=Mighty Earth}} released by the NGO Mighty Earth and Gabon-based NGO Brainforest on 12 December 2016 revealed that Olam was operating a secretive palm oil trading operation worldwide, particularly with its third party suppliers in Asia. Olam was accused of endangering the forest habitats of gorillas, chimpanzees and forest elephants due to widespread deforestation.{{Cite news |date=11 December 2016 |title=Olam under fire over Africa deforestation |work=Financial Times |url=https://www.ft.com/content/bd2de89a-c01b-11e6-9bca-2b93a6856354 |url-access=subscription}} It was revealed that in Gabon, Olam had cut {{convert|26000|ha}} of forest for palm oil.{{Cite web |date=19 December 2016 |title=Palm oil giant defends its deforestation in Gabon, points to country's 'right to develop' |url=https://news.mongabay.com/2016/12/palm-oil-giant-defends-its-deforestation-in-gabon-points-to-countrys-right-to-develop/ |access-date=2017-06-29 |website= Mongabay |language=en-US}}

The photos and videos featured in the NGO report show Olam bulldozing Gabonese rainforests for rubber and to establish what they intended to build as Africa's largest palm oil plantation. The analysis found that in Gabon, Olam cleared approximately 26,000 hectares of forest across its four palm oil concessions since 2012{{Cite news|url=http://www.foodingredientsfirst.com/news/Olam-Linked-to-Palm-Oil-Related-Deforestation-in-Scathing-New-Report?type=article|title=Olam Linked to Palm Oil Related Deforestation in Scathing New Report|last=Selby|first=Gaynor|date=12 Dec 2016|work=Food Ingredients First|access-date=6 June 2017}}{{Cite news|url=http://www.eco-business.com/news/green-groups-and-olam-at-loggerheads-over-deforestation/|title=Green groups and Olam at loggerheads over deforestation|last=Shah|first=Vaidehi|date=12 Dec 2016|work=Eco Business|access-date=28 June 2017}}{{Cite news|url=http://www.straitstimes.com/business/olam-denies-charges-of-destroying-gabon-forest|title=Olam denies charges of destroying Gabon forest|last=Fogarty|first=David|date=13 Dec 2016|work=Straits Times|access-date=28 June 2017}}{{Cite news|url=https://www.bbc.com/news/business-38285834|title=Palm oil giant Olam accused over sourcing|date=2016-12-12|work=BBC News|access-date=2017-06-28|language=en-GB}} and additional forests for rubber.{{fact|date=December 2023}}

The two NGOs also documented Olam's cutting down an area the size of Washington DC in what had been an intact forest landscape in Northern Gabon, for rubber in Gabon.{{cite web |title=Submission to the FSC: Olam Rubber Gabon –deforestation in the past 5 years |url=http://www.mightyearth.org/wp-content/uploads/2016/07/Olam-Rubber-Gabon.pdf |website=Mighty Earth |date=July 2016}}

On 16 December 2016, shortly after the report was released, Mighty Earth submitted a formal complaint against Olam to the Forest Stewardship Council (FSC) for Olam's deforestation and for violating FSC policies.{{Cite news|url=http://olamgroup.com/news/olam-mighty-earth-agree-collaborate-forest-conservation-sustainable-agriculture-highly-forested-countries/#sthash.7DNb3mhF.dpbs|title=Olam and Mighty Earth agree to collaborate on Forest Conservation and Sustainable Agriculture in Highly Forested Countries - Olam|work=Olam|access-date=2017-06-28|language=en-US}}

In response to these allegations, on 21 February 2017, Olam suspended further land clearing of forests in Gabon for at least a year.{{Cite news |title=Olam and Mighty Earth agree to collaborate on Forest Conservation and Sustainable Agriculture in Highly Forested Countries |language=en-US |work=Olam |url=http://olamgroup.com/news/olam-mighty-earth-agree-collaborate-forest-conservation-sustainable-agriculture-highly-forested-countries/#sthash.on0iZwKO.dpbs |access-date=2017-06-29}} As a result, Mighty Earth suspended its campaign.{{Cite news|url=http://www.businesstimes.com.sg/companies-markets/olam-to-pause-land-clearing-in-gabon-in-truce-with-mighty-earth|title=Olam to pause land clearing in Gabon in truce with Mighty Earth|last=Soh|first=Andrea|work=The Business Times|access-date=2017-06-28|language=en}}{{Cite news |date=21 February 2017 |title=Olam and Mighty Earth agree to collaborate |work=Reuters |url=https://www.reuters.com/article/brief-olam-and-mighty-earth-agree-to-col-idUSFWN1G6102 |access-date=28 June 2017}}{{Cite news|url=http://www.asiaone.com/business/olam-pause-forest-clearing-gabon-truce-mighty-earth|title=Olam to pause forest clearing in Gabon in truce with Mighty Earth|work=AsiaOne|access-date=2017-06-28}}{{Cite news|url=http://www.straitstimes.com/business/companies-markets/olam-mighty-earth-agree-to-collaborate-on-forest-conservation-and|title=Olam, US green group agree to collaborate on forest conservation and sustainable agriculture|last=Williams|first=Ann|date=2017-02-22|work=The Straits Times|access-date=2017-06-28|language=en}}

The agreement between Mighty Earth and Olam was renewed in 2018.{{cite web |title=Mighty Earth and Olam Renew Agreement |url=http://www.mightyearth.org/mighty-earth-olam-renew-agreement/ |website=Mighty Earth |date=25 January 2018}} In its inaugural Excellence Awards in 2019, the industry-led Roundtable on Sustainable Palm Oil recognized Olam International for its conservation leadership in developing sustainable palm oil plantations having a positive impact on forest conservation, species conservation and emission reduction in Gabon.{{Cite web |date=6 November 2019 |title=2019 RSPO Excellence Awards Announced |url=https://rspo.org/news-and-events/news/2019-rspo-excellence-awards-announced |access-date=2020-08-04 |website=Roundtable on Sustainable Palm Oil |language=en}}

On 13 September 2017 NGO Mighty Earth released a second report{{Cite web |last1=Higonnet |first1=Etelle |last2=Bellantonio |first2=Marisa |last3=Hurowitz |first3=Glenn |date=September 2017 |title=Chocolate's Dark Secret |url=http://www.mightyearth.org/wp-content/uploads/2017/09/chocolates_dark_secret_english_web.pdf |website=Mighty Earth}} documenting findings that Olam purchases cocoa grown illegally in national parks and other protected forests in the Ivory Coast. The report accused Olam of endangering the forest habitats of chimpanzees, elephants and other wildlife populations by purchasing cocoa linked to deforestation.Covey, R. and McGraw, W. S. "[http://www.eva.mpg.de/fileadmin/content_files/staff/boesch/pdf/prim_cen_distr.pdf Monkeys in a West African bushmeat market: implications for cercopithecid conservation in eastern Liberia.]" Tropical Conservation Science. 7.1 (2014): 115-125.Marchesi, P., Marchesi, N., Fruth, B., and Boesch, C. "[http://www.eva.mpg.de/fileadmin/content_files/staff/boesch/pdf/prim_cen_distr.pdf Census and Distribution of Chimpanzees in Cote D’Ivoire.]" PRIMATES. 36.4(1995): 591-607."[http://wwf.panda.org/?201553/Poaching-contributes-to-forest-elephant-declines-in-Cte-dIvoire-new-numbers-reveal Poaching contributes to forest elephant declines in Côte d’Ivoire, new numbers reveal.]" WWF. 5 September 2011. As a result of cocoa production, 7 of the 23 Ivorian protected areas have been almost entirely converted to cocoa.Bitty, A. E., Gonedele, S. B., Koffi Bene, J.C., Kouass, P.Q.I and McGraw, W. S. "[http://www.tropicalconservationscience.org/ Cocoa farming and primate extirpation inside The Ivory Coast’s protected areas.]" Tropical Conservation Science. 8.1(2015): 95-113. Olam was notified of the findings of Mighty Earth's investigation and did not deny that the company sourced its cocoa from protected areas in the Ivory Coast.

In 2020 the FSC, Olam and Mighty Earth commissioned SmartCert Group to perform a retrospective assessment of previous deforestation for Olam's palm oil plantations in Gabon.{{cite web |title=Olam International |url=https://fsc.org/en/unacceptable-activities/cases/olam-international |website=Forest Stewardship Council |access-date=4 August 2020 |language=en}} A second investigation will focus on Olam's rubber plantations in Gabon.{{cite web |title='World's largest farmer' faces investigation into deforestation |url=http://www.mightyearth.org/worlds-largest-farmer-faces-investigation-into-deforestation/ |website=Mighty Earth |date=4 May 2020}}{{cite news |last1=Fair |first1=James |title=Palm oil giant Olam under scrutiny again over Gabon plantations |url=https://news.mongabay.com/2020/03/palm-oil-giant-olam-under-scrutiny-again-over-gabon-plantations/ |work=Mongabay |date=25 March 2020}}

In November 2012, Carson Block of Muddy Waters Research accused Olam of "deciding to take huge leverage and invest in illiquid positions",{{cite news|url=http://www.ft.com/intl/cms/s/0/55d0fc2e-3298-11e2-ae2f-00144feabdc0.html?ftcamp=published_links/rss/companies/feed//product#axzz2DOK3pUs7|title=Olam launches defence against Muddy Waters - FT.com|newspaper=Financial Times |date=20 November 2012 |access-date=14 July 2016}} questioning its accounting practices and accusing its board of an "abject failure of leadership".{{cite web|url=http://www.muddywatersresearch.com/research/olam/mw-reaction-olam-frantic-response/|title=Muddy Waters Reaction to Olam Frantic Response - Muddy Waters Research|access-date=14 July 2016}} Olam called the allegations "baseless rumour-mongering" and sued Block for libel,{{cite web|title=Olam Sues Short-Seller Muddy Waters|url=http://www.highbeam.com/doc/1P2-33912217.html|archive-url=https://web.archive.org/web/20150924192656/http://www.highbeam.com/doc/1P2-33912217.html|url-status=dead|archive-date=24 September 2015|publisher=Reuters |access-date=5 December 2012|date=21 November 2012}}{{cite web|url=http://www.ft.com/intl/cms/s/0/7519760a-356e-11e2-bf77-00144feabdc0.html#axzz2DOK3pUs7|title=Olam hits back at Block with libel suit|first=Sam|last=Jones|access-date=14 July 2016|via=Financial Times|url-access=subscription}} but its shares nevertheless fell 21%.

The company is involved in the production of coffee in Laos and the clearance of forests and villages to plant large plantations. Areas of land that were acquired by the company were previously inhabited and farmed by villagers who had paid their land taxes and were also farming coffee alongside other products.{{Cite web |title= Coffee plantation in Paksong district, Champasak |website=Land Info Working Group in Lao PDR|url=http://www.laolandissues.org/wp-content/uploads/2012/01/Case-Champasak-Coffee-in-Paksong-June-2012.pdf |access-date=14 July 2015 |archive-url=https://web.archive.org/web/20160304095059/http://www.laolandissues.org/wp-content/uploads/2012/01/Case-Champasak-Coffee-in-Paksong-June-2012.pdf |archive-date=4 March 2016 |url-status=dead }} Compensation was only partly paid, with many evicted landholders being paid only in rice. Many landholders are now facing challenges to grow enough food to survive. This development of large industrial plantations at the sacrifice of the small holding family unit is argued by some to be counterproductive to the development of Laos; as it reduces the overall agricultural productivity; and increases poverty amongst the families, while a few officials and the company benefit.{{Citation| title=How Asia Works, Studwell J, Longlist 2013|url=https://ig.ft.com/sites/business-book-award/books/2013/longlist/how-asia-works-by-joe-studwell}}

In 2021, Olam International was named in a class action lawsuit filed by eight former child slaves from Mali who allege that the company aided and abetted their enslavement on cocoa plantations in Ivory Coast. The suit accused Olam (along with Nestlé, Cargill, Mars, Incorporated, Barry Callebaut, The Hershey Company, and Mondelez International) of knowingly engaging in forced labor, and the plaintiffs sought damages for unjust enrichment, negligent supervision, and intentional infliction of emotional distress.{{cite news |last=Balch |first=Oliver |date=12 February 2021 |title=Mars, Nestlé and Hershey to face child slavery lawsuit in US |url=https://www.theguardian.com/global-development/2021/feb/12/mars-nestle-and-hershey-to-face-landmark-child-slavery-lawsuit-in-us |access-date=13 February 2021}}

• Commodity markets
• Nestle
• Noble
• Wilmar

{{Reflist|30em}}

• [http://www.olamgroup.com Olam Corporate Website]
• [https://web.archive.org/web/20060922224440/http://tanzania.usembassy.gov/pr_09282005z.html Olam's activities in Tanzania]
• [http://www.irinnews.org/report.aspx?ReportId=70672 Olam's problems in Guinea-Bissau]

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Category:Companies listed on the Singapore Exchange

Category:Agriculture companies of Singapore

Category:Multinational companies headquartered in Singapore

Category:Nigerian companies established in 1989

Category:Child labour