Maxis Berhad | Annual Report 2013

167 OVERVIEW OUR BUSINESS STRATEGIC REVIEW CORPORATE GOVERNANCE FINANCIAL STATEMENTS Maxis Berhad Annual Report 2013 OTHER INFORMATION 36 RELATED PARTIES (CONTINUED) Notes: The Group has entered into the above related party transactions with parties whose relationships are set out below. Usaha Tegas Sdn. Bhd. (“UTSB”), STC and Harapan Nusantara Sdn. Bhd. are parties related to the Company, by virtue of having joint control over BGSM, pursuant to a shareholders’ agreement in relation to BGSM. BGSM wholly-owns MCB which in turn is the penultimate holding company of the Company. The ultimate holding company of UTSB is PanOcean Management Limited (“PanOcean”). PanOcean is the trustee of a discretionary trust, the beneficiaries of which are members of the family of Ananda Krishnan Tatparanandam (“TAK”) and foundations including those for charitable purposes. Although PanOcean and TAK are deemed to have an interest in the shares of the Company through UTSB’s deemed interest in BGSM and MCB, they do not have any economic or beneficial interest in the shares as such interest is held subject to the terms of the discretionary trust. (1) Subsidiary of a joint venture of UTSB (2) A major shareholder of BGSM, as described above (3) Subsidiary of MCB (4) Subsidiary of UTSB (5) Subsidiary of a company in which TAK has a 99% direct equity interest (6) Associate of a joint venture of UTSB (7) Subsidiary of the Company and associate of a joint venture of UTSB. The transaction values and outstanding balances are eliminated in the consolidated financial statements COMPANY 2013 2012 RM’000 RM’000 Amount charged by a subsidiary: - management fees 14,335 12,742 Payment on behalf of operating expenses for subsidiaries 741 79 37 CHANGES IN COMPARATIVE INFORMATION Restatement of sales and marketing expenses for the financial year ended 31 December 2012 The following line item in the Group’s notes to the financial statements as presented in Note 7 to the financial statements for the financial year ended 31 December 2012 have been restated to conform to the current financial year’s presentation. AS PREVIOUSLY RECLASSI- AS GROUP STATED FICATIONS RESTATED RM’000 RM’000 RM’000 Note 7 to the financial statements Commissions, sales and marketing expenses 601,288 19,265 620,553 38 CONTINGENT LIABILITIES In the normal course of business, there are contingent liabilities arising from legal recourse sought by the Group’s and the Company’s customers or vendors, indemnities given to financial institutions on bank guarantees and claims from the authorities. No material losses are currently anticipated as a result of these transactions. 39 APPROVAL OF FINANCIAL STATEMENTS The financial statements have been approved for issue in accordance with a resolution of the Board of Directors on 11 February 2014.