Yinson Annual Report 2020

274 Notes to the financial statements (cont’d) For the financial year ended 31 January 2020 Yinson Holdings Berhad SECTION 7 ACCOUNTABILITY 21. Investment in associates (CONTINUED) Details of associates are as follows: Name of associates Countries of incorporation Proportion (%) of ownership interest Principal activities 2020 2019 Held through Yinson Production AS: Floating Operations & Production West Africa Ltd (a) (in liquidation) Nigeria 40 40 Dormant (a) Audited by a firm other than member firm of PricewaterhouseCoopers International Limited and PricewaterhouseCoopers PLT. Floating Operations & Production West Africa Ltd (“FOPWAL”) The Group’s interest in FOPWAL is accounted for using the equity method in the consolidated financial statements. The financial statements of FOPWAL for the financial year ended 31 December 2019 were used in applying the equity method of accounting as allowed by Paragraph 34 of MFRS 128 Investments in Associates and Joint Ventures. There were no significant transactions or events that occurred between 31 December 2019 and the reporting date and hence no adjustment was made for the current and previous financial years. 22. Other investments Group Company 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 Financial assets at fair value through profit or loss Investment funds: - In Malaysia 7,824 20,262 3,482 - - Outside Malaysia 180,938 51,964 - - 188,762 72,226 3,482 - Compulsorily Convertible Debentures: - Outside Malaysia 13,570 - - - 13,570 - - - Total: - In Malaysia 7,824 20,262 3,482 - - Outside Malaysia 194,508 51,964 - - 202,332 72,226 3,482 -