Page 19 of the annual report for UOS and comments about transparency was for that annual report not UOADEV, how all the different entities work is not entirely clear to me.
The death penalty being applied to the property developer in Vietnam and prison sentence for others, is a bit of a black swan event. I'm not sure how keen management would be to progress things there, although it seemed like they were the junior partner for it but potentially is another $100m in equity for land banking. The holding things at cost makes it more difficult to tell what the holdings are worth but I think traditionally that number has proven to be conservative.
Ann: Release of Annual Report - UOA Development Bhd, page-9
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