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Financial Statements
Notes to the financial statements
for the year ended 31 December 2011
39 Bank guarantees
| 2011 USD’000 | 2010 USD’000 | |
|---|---|---|
| Performance/bid bonds | 206,964 | 126,284 |
| Advance payment, labour visa and payment guarantees | 542,071 | 292,126 |
| 749,035 | 418,410 |
The various bank guarantees, as above, were issued by the Group’s bankers in the ordinary course of business. Certain guarantees are secured by cash margins, assignments of receivables from some customers and, in respect of guarantees provided by banks to the Group companies, they have been secured by parent Company and certain Group company guarantees. In the opinion of the Directors, the above bank guarantees are unlikely to result in any liability to the Group.
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