231 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS ʹˢ˥ ˧˛˘ Ѓˡ˔ˡ˖˜˔˟ ˬ˘˔˥ ˘ˡ˗˘˗ ʦʤ ʷ˘˖˘ˠ˕˘˥ ʥʣʥʧ (cont’d) 17. AMOUNT DUE FROM/(TO) ASSOCIATES (CONT’D) Effective 1 June 2019, it was announced by the Ministry of Finance that a zero-rated GST will be imposed. Subsequent to this announcement, the GST regime has been abolished and replaced by the Sales and Services Tax (“SST”). Hence, the Project has been temporarily suspended. Accordingly, full impairment on the amount due from the associate has been provided in the financial period ended 2018. 18. AMOUNT DUE FROM JOINT VENTURES Amount due from joint ventures are unsecured, non-trade in nature, non-interest bearing and repayment on demand. 19. DIGITAL ASSETS Group 2024 2023 RM’000 RM’000 Digital assets 256,727 301,761 Digital assets are accounted for as intangible assets under the cost model. After initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. The digital assets held by the Group appear to be no foreseeable limit to the period over which they could be exchanged with a willing counterparty for cash or other goods or services. As such, digital assets are not amortised. Indefinite useful life of digital assets is review for impairment annually. Digital assets are derecongnised when the Group have transferred substantially all the risks and rewards of ownership on disposal. The differences between the net disposal proceeds, if any, and the net carrying amount recognised in profit or loss. 20. DEPOSITS WITH LICENSED BANKS Group Company 2024 2023 2024 2023 RM’000 RM’000 RM’000 RM’000 Fixed deposits (a) 24,510 3,504 14,369 11,369 Deposits with tenure more than 3 months 131 128 - - Trust fund (b) 2 2 - - 24,643 3,634 14,369 11,369 The fixed deposits with licensed banks and deposit with tenure more than 3 months of the Group and of the Company at the end of the reporting period bore effective interest rates ranged from 1.75% to 3.51% (2023: 1.65% to 3.25%) per annum and 1.75% to 2.80% (2023: 1.75% to 2.75%) per annum respectively. The fixed deposits have maturity periods ranged from 1 to 12 (2023: 1 to 12) months and 12 (2023: 12) months for the Group and for the Company respectively. (a) Included in the fixed deposits of the Group and of the Company amounting to RM481,000 and RM33,000 (2023: RM452,000 and RM33,000) respectively were held in trust by a Director of a subsidiary and a Director of the Company. These amounts have been pledged to licensed banks as security for banking facilities granted to the Group and to the Company as disclosed in Note 26 to the financial statements.
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