KIM HENG OFFSHORE & MARINE HOLDINGS LIMITED
ANNUAL REPORT 2014
99
NOTES
TO THE FINANCIAL STATEMENTS
26
CONTINGENT LIABILITIES
There were contingent liabilities in respect of the following:
(a) Immigration bond given to Ministry of Manpower by the one of the entities within the Group in
respect of the employment of foreign workers amounting to $3,000,000 (2013: $5,000,000).
(b) Guarantees given to suppliers, customers, port authorities and immigration authorities by the
one of the entities within the Group in respect of services rendered amounted to $1,100,000
(2013: $910,000).
27
RELATED PARTIES
For the purposes of these financial statements, 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 entities.
Key management personnel compensation
Key management personnel of the Group are those persons having the authority and responsibility
for planning, directing and controlling activities of the Group. The directors are considered as key
management personnel of the Group.
The key management personnel compensation comprised:
Group
2014
2013
$’000
$’000
Short term employee benefits
3,664
3,099
Other related party transactions
During the financial year, other than those transactions as disclosed elsewhere in the financial
statements, there were no related party transactions.
