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.