KBS Fashion Group Ltd | CIK:0001546383 | 3

  • Filed: 4/30/2018
  • Entity registrant name: KBS Fashion Group Ltd (CIK: 0001546383)
  • Generator: Ez-XBRL
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1546383/000121390018005204/0001213900-18-005204-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1546383/000121390018005204/kbsf-20171231.xml
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  • ifrs-full:DisclosureOfRelatedPartyExplanatory

    30.RELATED PARTIES PAYABLE

     

    (1)Nature of relationship with related parties

     

     Name Relationship with the Group
     Yan, Keyan Chairman, Director, and CEO
     Chen, Bizhen Wife of Yan, Keyan
     KBS International Ex-shareholder of Hongri
     Shishi City Lingxiu Hongri Knitwear Factory Company owned by Chen, Bizhen

     

    (2)Significant balances between the Group and the above related parties:

     

         As at December 31, 
     Name Nature 2017  2016 
     Yan, Keyan Borrowing of funds  154,137   1,125.912 
     Chen, Bizhen Borrowing of funds  -   24,416 
          154,137   1,150,328 

     

    Related parties payables were unsecured, non-interest bearing and repayment on demand.

     

    During 2017, Mr. Yan and Ms. Chen provided personal guarantees for the loans as set forth in Note 31.

     

    *The Company entered into a lease arrangement for office space with this related party in 2010. The breakdown of the commitment to the lease is disclosed in note 35.