Some of the markets that the PARD operates in, such as Peru, may be subject to political instability. Is PARD taking any steps to mitigate the political risks?
Under the Legal Stability Agreement which we have entered into with the Peruvian government, a term exists to protect the Group against changes in Peruvian law for a period of 10 years from the date of the agreement. In addition, Peru has entered into a bilateral agreement with Singapore, which has been effective since August 12, 2006. Hence, our Singapore incorporated Group of companies are able to take advantage of the protections offered by the treaty. Furthermore, Pacific Andes takes all necessary steps to minimize political risks in markets in which it operates.
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