Sino Agro Food Inc (fka SIAF)

[RealDutch]

My worry was that they were all shell companies established to "own" parts of Tri-Way, in order to create a fake owner structure. Especially when I discovered that a ca 4,6% ownership was in a Belize company which I checked and found inactive. The name of that company is The Business Advocate, Inc. Just like Dan's company in Ohio...

That one was already explained in the 10-K.

The Business Advocate (4.5%) and Flying Cristal Limited (4.2%) are companies appointed by Tri-way to hold in trust on behalf of certain holders of debt owed by Aquafarms 2-5 to keep shares in reserve in the event that their respective debts owed are converted to equity, at maturity. The debt in question relates to costs of development of the Aquafarms 2-5 incurred in connection with the development and construction stages.

This is the roughly $30M in account receivables from Q4 2016 and Q1 2017. If not paid, will be settled in stock, which increases SIAF's stake in TRW by 8.7% to 45.3%.