	2021		2020
	US$’000		US$’000

Investment in joint ventures (i) (ii)		-		63
Assets of disposal group (iii)		-		3,762
		-		3,825
Liabilities of disposal group (iii)		-		(508	)
		-		3,317

(i)

In 2018, the Group agreed to sell the vessel in Petrochemical Shipping Limited, a joint venture of the Group, and to wind up the joint venture arrangement. The joint venture arrangement was dissolved on 19 March 2021.

(ii)

In 2018, the Group agreed to wind up Leopard Tankers Pte. Ltd., a joint venture of the Group, in such a manner that the Group purchased two vessels, the Leopard Sun and Leopard Moon in January 2019 and February 2019 respectively. At 31 December 2021, the carrying amount of the investment is US$Nil (2020: US$Nil) and hence no further impairment loss was recognised on the classification to assets classified as held for sale.

(iii)

In 2019, the Group agreed to dispose of one of GSSA’s businesses (Unicorn Tanker division) to a third party and in 2020, the Group agreed to dispose of a second GSSA business (Training school) to a third party.

Management assessed the fair value less cost to sell of the assets and liabilities of the first disposal group on the date that they were classified as held for sale and recorded an impairment loss of US$3,179,000 in 2019. The assets of the disposal group were further impaired by US$576,000 in 2020 and US$2,551,000 in 2021. The conclusion of the sale process was hampered by the global pandemic in 2020. In November 2021 the agreement was cancelled and management agreed to cease the Unicorn Tanker division operations with immediate effect. The Unicorn Tanker division has been included in the discontinued operation (Note 37).

Management assessed the fair value less cost to sell of the assets and liabilities of the second disposal group on the date that they were classified as held for sale and recorded an impairment loss on office equipment, furniture and fittings and motor vehicles of US$138,000 in 2020. The transaction was completed in May 2021.

	2021			2020
	US$’000			US$’000

Net assets of disposal group held for sale as at 1 January		3,254			4,056

Business classified as held for sale during the year		-			100
Sale of business during the year		(100	)		-
Movements during the year on assets held for sale		(60	)		(76	)
Impairment of disposal group held for sale		(2,551	)		(576	)
Effect of foreign currency exchange differences		(543	)		(250	)

Net assets of disposal group held for sale as at 31 December		-			3,254

The classes of assets and liabilities comprising the disposal groups classified as held for sale are as

follows:

	2020
	Training School		Unicorn Tanker division		Total
	US$’000		US$’000		US$’000
Assets
Cash and bank balances		-		60		60
Trade receivables		69		336		405
Other receivables and prepayments		7		188		195
Inventories		-		125		125
Ships, property, plant and equipment		70		2		72
Goodwill		-		2,554		2,554
Right-of-use assets		317		34		351
Assets classified as held for sale		463		3,299		3,762

Liabilities
Trade and other payables		17		145		162
Lease liabilities		346		-		346
Liabilities directly associated with assets classified as held for sale		363		145		508

Net assets of disposal group		100		3,154		3,254