#Solidere “in the red”: Real estate giant exceeds its allowed debt ceiling
▻http://english.al-akhbar.com/content/solidere-red%E2%80%9D-real-estate-giant-exceeds-its-allowed-debt-
A massive billboard reading “Stop Solidere” in reference to the construction giant owned by the family of slain former Lebanese premier Rafik Hariri hangs at the Saint Georges Hotel and Yacht Club in #Beirut on June 15, 2011. (Photo: AFP-Joseph Eid) A massive billboard reading “Stop Solidere” in reference to the construction giant owned by the family of slain former Lebanese premier Rafik Hariri hangs at the Saint Georges Hotel and Yacht Club in Beirut on June 15, 2011. (Photo: AFP-Joseph Eid)
When Solidere’s board, which controls the majority of votes in the company’s general assembly, decided not to distribute dividends in 2013, it was aware that the company was drowning in short-term debt. To conceal this, Solidere (...)