LOPEZ - Those funds are kept as "restricted cash" - I can't tell what the restrictions are - but they are at least allowed to earn interest on them - so they can be invested.... albeit with "restrictions" ! It remains to be seen whether the "restrictions" were stringent enough to protect the funds from any significant loss, and indeed to protect the revenue that these funds bring - which is somewhere between 45-50m - or about 25% of PBT -
This income is largely 'passive' and carries no real "operating cost" - and therefore any profits made on the restricted cash should carry right through to the bottom line.
Its significant!!! 1/4 of PBT relies on this income! Any changes here will be material!
How might they have lost? Well, if the cash was in BNB notes for one :) Hopefully "restrictions" forbade such shenanigans.
The other one is Forex - was it held in USD? GBP? Euro or Thai Baht? The report mentions something about it and it appears to have natural forex hedges - but I haven't dug into that area too deeply.
Also, its as good a time as any to air the skeletons in the corporate closet... who knows what we might learn :(
LOPEZ - Those funds are kept as "restricted cash" - I can't tell...
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