FINANCIAL STATEMENTS (continued) 123 27. 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 2022 2021 2022 2021 RM’000 RM’000 RM’000 RM’000 Bank guarantees obtained by the Group to the Ministry of Education 181 415 - - In respect of corporate guarantees issued for subsidiaries - - 12,160 17,386 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. 28. 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 2022 2021 2022 2021 RM’000 RM’000 RM’000 RM’000 Subsidiaries Share-based payments - - (480) (500) Dividend income - - (5,668) (5,241) Key management personnel: Directors’ remuneration - Fees 240 230 240 230 - Other emoluments 780 502 - - 1,020 732 240 230 The estimated monetary value of Directors’ benefit-in-kind of the Group is RM59,100 (2021: RM59,100). 123 ANNUAL REPORT 2022
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