Dubai contractor Habtoor Leighton Group (HLG) owes more than US$1.1bn to its Australian minority shareholder, Leighton Group, according to financial records lodged with the Australian Stock Exchange.
The massive debt includes A$807m (US$835m) in loans, letters of credit, interest and receivables, and A$298m in carrying value.
Leighton Group owns 45 percent of Habtoor Leighton Group (HLG), with the remaining shares held equally by Khalaf Al Habtoor, chairman of Al Habtoor Group, and Riad Sadik, HLG chairman.
Read more: http://www.arabianbusiness.com/dubai-contractor-hlg-owes-shareholder-1-1bn-489488.html
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