Jane,I believe the loan was to assist with cash flow problems...

Jane,

I believe the loan was to assist with cash flow problems resulting from their structure. Most funding was provided with limitations it couldn't leave SA

I work for a bank, who would lend $2mill unsecured to this balance sheet. The reality is 13% (true rate will be drawdown to June 12 which I'm not sure on) is actually about right, no principal payments for 18 months and unsecured. What is clear is that this loan was probably secured because PL would have gotten in out if the ship went down

I really object to directors getting paid 3rd party. The financials make it hard to read what is a salary. When you earn a salary, it should be paid to you, not some 3rd party.

Related parties actually give honest people a chance to gain economies. Who knows finance costs and admin costs might have been higher, but the deception muddies this.

Webk