My apologies for not cross checking this. But my argument stands. An Indian parent acquired a local subsidiary of a Singapore company in the 80's. The subsidiary was owned 30% by the GOK who also guaranteed lending by the IFC and a consortium of local banks. Within 3 years of acquisition the company degenerated into a loss making entity. The scam was run in the following manner;
(a) The subsidiary paid inflated management fees to its Indian parent while paying peanuts in royalties to the Kenyan govt (for exploiting a natural resource).
(b) The subsidiary bought obsolete second hand machinery from the parent at the price of new technology machines. Servicing of these machines was especially costly and necessitated bringing on board expats from India, again at inflated costs.
(c)The expats had formed 4 companies that posed as customers and took up a lot of stock towards cut off - to meet targets set by the IFC and other lenders. These 'sales" would be returned after audit or credit notes would be issued to the supposed customers.

Let us just say that the subsidiary closed down and left many people suffering, the government embarrased and the lenders bloodied - with no assets worth selling.

Aren't we all wasting our valuable time with this dog? After all with its current market cap, we all know there's a certain gentleman on this forum who could buy it all and have some change to spare?

HINT: His name starts with "O".