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GHL Systems Berhad
(293040-D)
Annual report 2015
Notes to the Financial Statements
31 December 2015 (continued)
33. RELATED PARTIES DISCLOSURES
(a) Identities of related parties
Parties are considered to be related to the Group if the Group 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 and the party are subject to common control or common
significant influence. Related parties could be individuals or other parties.
Related parties of the Group include:
(i) Direct and indirect subsidiaries as disclosed in Note 10 to the financial statements;
(ii) Direct and indirect joint ventures as disclosed in Note 11 to the financial statements;
(iii) Key management personnel are defined as those persons having the authority and responsibility
for planning, directing and controlling the activities of the Group either directly or indirectly. The
key management personnel includes all the Directors of the Company, and certain members of
senior management of the Group; and
(iv) Microtree Sdn. Bhd. (“Microtree”) whereby a substantial shareholder of the Company, Goh Kuan
Ho, is also the General Manager of Microtree.
(v) Telemas Corporation Sdn Bhd. (“Telemas”) whereby a Director of the Company, Loh Wee Hian is
also the Director of Telemas.
(b) In addition to the transactions and balances detailed elsewhere in the financial statements, the Group
and the Company had the following transactions with related parties during the financial year:
Group
Company
2015
2014
2015
2014
RM
RM
RM
RM
Subsidiaries:
Sales of other hardware
-
-
1,491,106 1,226,077
Rental and license fees
-
-
3,821,020 3,570,550
Hosting services
-
-
402,000
319,500
Purchase of goods and services
-
-
1,318,386 1,302,252
Management fees
-
-
2,544,645
-
Share options granted under ESS
-
-
274,446
741,586
Related parties:
Supply of EuroPay
chip-based cards and/or data preparation
and personalisation of chip-based cards;
supply of computer hardware and
software; sales of payment solutions;
sales and rental of EDC terminals and other
related services to e-pay (M)
-
308,995
-
304,344