Page 174 - EXIM_AR2021

172 FINANCIAL EXIM BANK MALAYSIA
STATEMENTS

Notes to the fiNaNcial statemeNts

40. significant relateD Parties transactiOn anD balances

For the purposes of these financial statements, parties are considered to be related to the Group and the Bank, if the Group
or the Bank has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making
financial and operating decisions, or vice versa, or where the Group or the Bank and the party are subject to common control or
common significant influence. Related parties may be individuals or other entities.
The Group has related party transactions and balances with the following parties:
(a) Compensation of key management personnel

Key management personnel is defined as those persons having authority and responsibility for planning, directing
and controlling the activities of the Group either directly or indirectly. The key management personnel consists of the
President/Chief Executive Officer and senior management of the Group and the Bank. The key management personnel
compensation is disclosed in Note 31.

(b) The significant outstanding balances of the Bank with the related companies are as follows:
Bank
2021 2020
RM’000 RM’000

Amount due to subsidiaries 64,117 64,120

(c) Government related parties
Included in the financial position of the Group and the Bank are the amounts due from The Government of Malaysia relating
to management fee represented by the following:
Group and Bank
2021 2020
RM’000 RM’000

Amount due from The Government of Malaysia - 2,699

The transaction of management fee represented by the following:

Group and Bank
2021 2020
RM’000 RM’000
Transaction during the year
Other income: Management fee 448 539