2 billion? Do the arithmetic......
$5 billion in receivables of which 60% more than three years old. The conquistadors have had Sancho Panza on the job in Dubai for 18 months, so ACS knows that none of the outstanding sums due to HLG are ever going to be paid.....so write off all of Mr Gregg's non recourse loans and you get to $4 billion.
leighton is now a subsidiary $2bn writedown., page-5
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