100 EXCEL FORCE MSC BERHAD Notes to the Financial Statements (cont’d) 32. RELATED PARTY DISCLOSURES (CONT’D) (b) Significant related party transactions Related party transactions have been entered into in the normal course of business under negotiated terms. In addition to the related party balances disclosed elsewhere in the financial statements, the significant related party transactions of the Group and of the Company are as follows: Group Company 2021 2020 2021 2020 RM RM RM RM Transactions with subsidiary companies Application services rendered - - 313,800 313,800 Dividend received/receivable - - 470,000 - Management fee income - - 81,600 81,600 Interest income receivable - - - 49,531 Waiver of debt - - 285,370 - Transactions with a related party Application services rendered 19,800 14,800 - - Sales commission for disposal of asset 5,280 - 5,280 - Lease expenses paid/payable 363,075 363,074 363,075 363,074 Transactions with former Directors Consultancy fee paid/payable 121,290 180,000 121,290 180,000 (c) Compensation of keymanagement personnel Information regarding compensation of Directors and other key management personnel are as follows: Group Company 2021 2020 2021 2020 RM RM RM RM Fees 463,290 491,000 463,290 491,000 Salaries, and other emoluments 1,991,895 1,961,735 1,935,895 1,961,735 Defined contribution plans 244,342 241,001 237,622 241,001 Social security contributions 7,080 7,387 6,926 7,387 Other benefits 146,000 - - - 2,852,607 2,701,123 2,643,733 2,701,123
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