Sasbadi Annual Report 2021

121 ANNUAL REPORT 2021 FINANCIAL STATEMENTS (continued) 121 28. CONTINGENCIES The Directors are of the opinion that provisions are not required in respect of these matters, as it is not probable that future sacrifice of economic benefits will be required or the amount is not capable of reliable measurement. Group Company 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Bank guarantees obtained by the Group to the Ministry of Education 415 592 - - In respect of corporate guarantees issued for subsidiaries - - 17,386 37,263 As part of the agreements with the Ministry of Education, the Group has issued performance bond in the form of bank guarantees to the Ministry of Education for the supply of text books and applied learning products. 29. RELATED PARTIES For the purposes of these financial statements, parties are considered to be related to the Group or the Company if the Group or the Company has the ability, directly or indirectly, to control or jointly 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 Company and the party are subject to common control. Related parties may be individuals or other entities. Related parties also include key management personnel 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 of the Group refer to the Directors of the Group. The Group and the Company have related party relationship with its subsidiaries and key management personnel. Related party transactions have been entered in the normal course of business under negotiated terms. The significant related party transactions are shown below. Group Company 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Subsidiaries Share-based payments - - (500) (400) Dividend income - - (5,241) (840) Key management personnel: Directors’ remuneration - Fees 230 243 230 243 - Other emoluments 502 453 - - 732 696 230 243 The estimated monetary value of Directors’ benefit-in-kind of the Group is RM59,100 (2020: RM52,000).