Sino Agro Food Inc (fka SIAF)

[ks1977]

The 14.4MUSD is also due from TRW? (page F-36) I.e it might be some accounting-issue (i.e the same reason to why they have 23.89% and not 36.6% in the balance sheet yet)

The 7.7MUSD is the collateral shares for TFA&B? (page F-39). I.e not a liability that SIAF has, but TFA&B (although it would be better to both book it as a liability and an asset)

However, if you want your NET debt, then you would have to withdraw the money SIAF has lended out as well (well, collateral shares in this case).

Is this the explanation or did I miss the target? If it is the explanation, then it would be better to show it on page 22 even though the net effect would be zero.