Armstrong
RETIRED TTA
- Joined
- Feb 2, 2012
- Messages
- 19,390
- Reaction score
- 94
- Country
- Location
As a budding chartered accounting myself I felt like banging my head against the wall ! Has anyone read Shaukat Khanum's Financial Statements ? In SKMH's Annual Report of 2010 in the portion titled 'Notes to the Accounts', note # 11.4 clearly states (and I quote !) : Under the above circumstances, the Trust’s management feels that there is no indication that the investment is impaired since the impairment loss on the abovementioned land would be borne by the shareholder. And who is the 'Shareholder' ? In the same note it is said (and I quote !) : The land represents capital contribution in kind by one of HBG Group's shareholders, Sheikh Salim Al Mashani ('the shareholder').
So folks they haven't lost a wooden nickle in 'impairment losses' because its guaranteed by another ! Its as safe an investment as it gets. Jeez...the stupidity of some people !
So folks they haven't lost a wooden nickle in 'impairment losses' because its guaranteed by another ! Its as safe an investment as it gets. Jeez...the stupidity of some people !