And, according to boffins at the University of Stirling, if British companies were to capitalise their operating leases, their gearing would shoot up from an average of 20% to 72%.

ECONOMIST: Commercial property

"Their gearing is way higher than anybody else in the space they're operating in, " says rbs analyst Nirgunan Tiruchelvam, noting that sometime rival Noble Group, out of Hong Kong, is barely above one times equity, and that that's the sector's second-highest next to Olam.

FORBES: Magazine Article