| |
|
U.S. $ 000's |
| Liabilities related to the development of the National Park
* |
|
12,000 |
|
12,000 |
| Provision for litigation and contingent liabilities |
|
2,998 |
|
4,784 |
| Provision for end of service indemnity |
|
2,777 |
|
2,240 |
| Property betterment taxes |
|
2,482 |
|
- |
| Due to Palestinian National Authority (17) |
|
1,975 |
|
- |
| Accrued expenses |
|
1,315 |
|
869 |
| Postponed checks |
|
1,176 |
|
180 |
| Employees' income tax payable |
|
684 |
|
696 |
| Others |
|
1,057 |
|
1,127 |
| |
|
26,464 |
|
21,896 |
* On March 25, 2007, PIF and the National Committee for Establishment and
Supervision of National Park Project and Palestinian Economic Council for
Development and Reconstruction (PECDAR) signed a memorandum of understanding by
which PIF will finance the establishment of the national park in Al-Bireh city (Ersal
area). PIF's total obligation under this agreement amounted to U.S. $ 15,000,000
payable in five installments. During 2007 and 2008, PIF paid a total of U.S. $
3,000,000; accordingly, PIF will be obligated to pay an additional U.S. $
12,000,000 subsequent to the financial statements date.
Following is the movement on the provision for litigation and contingent
liabilities:
| |
|
U.S. $ 000's |
| Balance, beginning of year |
|
4,784 |
|
55,934 |
| Paid during the year |
|
(2,627) |
|
- |
| Additions during the year |
|
989 |
|
4,784 |
| Recovered during the year |
|
- |
|
(55,934) |
| Currency variance |
|
(148) |
|
- |
| Balance, end of year |
|
2,998 |
|
4,784 |
|
