Also, to be clear, I'm not suggesting that SML funds have been...

Also, to be clear, I'm not suggesting that SML funds have been misappropriated. I have zero concerns about that, but the funds in / and balances reported are hard to make sense of.

I figured some would go to tax, and royalties, and some to JV partners profit share. But USD $33m is a lot of cash - and that is without accounting for the ROM sales. I wondered whether some cash may have been paid forward to local partners as a form of consideration for the new MIC - but concluded that was unlikely. If money did form part of the negotiations, surely it would have been payable at the time of signing the new MIC and not before.

So what is the explanation.