@Fijas: "Yamamoto wasn't paid out"  Agreed, I got that wrong. The $54m went to Zhentao as shares 'for services.' If a company pays X for services, that money is lost. Yuii showed this loss in its accounting last year. Is it as simple as there being 'a large insider holding'?

In any case, they talk about Vertical Integration in an April 2011 presentation (they use cartoons that avoid this loss we are discussing) and I fear they might next spend (their bank loan?) and cut unwisely profits for growth (I thought they paid over the top for their new farms, tho' hard to be sure).

But I am pleased if it's true that Primary Producers pay no income tax; it's odd they linked this to Cash Receipts.

Malc