Leighton Holdings Limited
(ASX:LEI) has hit out at media reports suggesting it is unlikely to recover the $1.1 billion it says its Middle East joint venture is owed, saying the reports contain several significant errors.
Leighton says the reports were inaccurate and unbalanced in its representations of Leighton's operations, adding it is considering all avenues of redress against the journalists involved.
Leighton says it is a 45 per cent investor in Habtoor Leighton Group and has reflected an impairment in the carrying value of its investment by $357 million over the last four years, not $500 million as reported.
The construction group says it has loans to HLG of $557.9 million and letters of credit and guarantees of $283.4 million.
Leighton says the loans are secured by assets, not borrowings.
Leighton generated a net profit of $360.2 million in the first half of fiscal 2013.
