NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023 CONT’D 31. 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 may be individuals or other parties. Related parties of the Group include: (i) Direct and indirect subsidiaries as disclosed in Note 16; (ii) Direct and indirect joint ventures and associate as disclosed in Note 17; (iii) Key management personnel whom 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; (iv) Telemas Corporation Sdn. Bhd. (“Telemas”) whereby a Director of the Company, Loh Wee Hian is also the Director of Telemas; and (v) Global Voice Corporation. Sdn. Bhd. (“GVC”) whereby a Director of the Company, Loh Wee Hian is also a Director of GVC. (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 2023 2022 2023 2022 RM RM RM RM Subsidiaries: Hosting services - - - 534,000 Sales of goods and services - - - 35,380 Purchase of goods and services - - 1,534,961 55,267 Management fees - - 19,238,898 13,276,661 Interest income from advances to subsidiaries - - 3,256,142 783,470 Related parties: Rental expenses 540,000 560,736 - - The related party transactions were carried out on terms and conditions agreed between parties. 156 GHL SYSTEMS BERHAD 199401007361 (293040-D)
RkJQdWJsaXNoZXIy NDgzMzc=