129 / 152
Notes to the
financial statements
For the financial year ended 31 December 2018
127
A N N U A L R E P O R T
2 0 1 8
24.
Commitments and contingencies (cont’d)
(c)
Contingent liabilities
The Company has provided financial support to certain subsidiaries having current liabilities
in excess of current assets of $24,101,000 (2017: $18,767,000).
On 12 February 2016, three brokers had submitted claims on brokers’ commissions amounting
to $5,100,000, including interest, against CHO. The final hearing has been fixed to be in April
2019. CHO has been advised by its legal counsel that it is possible, but not probable, that
the action will succeed and accordingly no provision for any liability has been made in these
financial statements.
25.
Related party transactions
(a)
Sales and purchase of goods and services
Other than the related party information disclosed elsewhere in the financial statements,
there are no other significant transactions between the Group and related parties who are
not members of the Group during the financial year.
(b)
Compensation of key management personnel
Group
2018
2017
$’000
$’000
Short-term employee benefits
2,941
2,488
Comprise amounts paid / payable to
– Directors of the Company
1,450
1,239
– Other key management personnel
1,491
1,249
2,941
2,488