Mt Kellet and Sojitz, page-13

Janti - the last time I read the double tax treaty between Aus and Malaysia the special exception that allowed Aus companies to claim a tax deduction even if taxed at zero rate was specially excluded.

Thus, IMO, any profits from the Malay business would be taxed at full rates once the funds are repatriated to Aus. LYC shareholders should think themselves lucky if there are profits - a nice problem to have in the current situation!

Would really appreciate anyone validating the double tax agreement or not as the case may be. If my reading of the amendments to the double tax treaty are correct then it never had any value anyway assuming LYC ever intended to repatriate the profits. Maybe they intended to keep them offshore for further expansion.

In relation to earlier posts about Mt K. They will play hard ball to the point of risking their capital, at which point they may allow some slack. However I can't see them agreeing to any situation that puts a new loan in front of them. They may just allow joint first call on the assets for any new loan