Annual Report 2019

FAR EAST CONSORTIUM INTERNATIONAL LIMITED 244 For the year ended 31 March 2019 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 43. SIGNIFICANT RELATED PARTY TRANSACTIONS (a) During the year, the Group entered into the following transactions with related parties: 2019 2018 HK$’000 HK$’000 Provision of building management service by associates 2,342 2,771 Provision of consultancy service to joint ventures 2,307 – Provision of underwriting service to joint ventures 35,736 – Details of the balances with associates, joint ventures, shareholders of non-wholly owned subsidiaries, an investee company and related companies as at the end of the reporting period are set out in the consolidated statement of financial position and the relevant notes. The related companies are companies controlled by certain executive directors or their close family members who have significant influence over the Group through their direct and indirect equity interest in the Company. (b) The Group has entered into three hotel management services contracts for the provision of hotel management services to certain companies in Malaysia which are controlled by a director of the Company. During the year ended 31 March 2019, hotel management services income of HK$1,914,000 (2018: HK$1,794,000) was received under these contracts. (c) Remunerations paid and payable to the members of key management, who are the directors and the five highest paid individuals, during the year are disclosed in note 14. 44. AMOUNTS DUE FROM/TO RELATED PARTIES The amounts due from/to associates, joint ventures, an investee company and related companies are set out in the consolidated statement of financial position. The amounts are unsecured, interest-free and either repayable on demand or without fixed terms of repayment. The related companies are companies controlled by certain executive directors or their close family members who have significant influence over the Group through their direct and indirect equity interest in the Company. In respect of the amounts classified under non-current assets, the Group does not expect repayment within the next twelve months from the end of the reporting period. In respect to the amounts classified under non-current liabilities, the Group is not required to settle the balance within twelve months from the end of the reporting period.