Page 191 - BTSGroup ONE REPORT 2021/22_EN

BTS Group Holdings Public Company Limited 5.4 Internal Control and Related Party Transactions 189
Annual Report 2021/22

Transaction Value (THB million)
Related Party and
Description Rationale and Necessity
Nature of Relationship 2021/22 2020/21 2019/20
The Company and EGV Co., Ltd. • Loan, of which THB 4 million is the principal and • This transaction occurred a

• Mr. Keeree Kanjanapas, the the rest is the interest thereon. The Company is long time ago. It is a normal
Chairman, Chairman of the still charging the interest at the rate equivalent transaction, of which the
Executive Committee, and to its financial cost. However, the Company has interest rate is equivalent to the
a major shareholder of the already made a provision for doubtful debts for Company’s borrowing cost.
Company, was a director and the full amount due to the fact that EGV Co., Ltd. • The Audit Committee has
a major shareholder holding ceased its operation and the Company views that reviewed the transaction as
40% shares in EGV Co., Ltd. the opportunity to receive repayment is low. regards the appropriateness of
• In 2021, Mr. Keeree Kanjanapas • EGV Co., Ltd. is a company incorporated in 1994 the monitoring and collection
has resigned from the directorship for investment in Siam Infotainment Co., Ltd., process, the evaluation of the
and is no longer a shareholder currently known as ITV Public Company Limited. transaction status, and the
of EGV Co., Ltd. • In 1995, EGV Co., Ltd. borrowed money from the evaluation of the debtors’ debt
Company at the interest rate equivalent to the servicing capability, as well
financial cost of the Company in order to invest as the appropriateness of the
in ITV Public Company Limited. EGV Co., Ltd. provisions for doubtful debts to
pledged all of its shares in ITV Public Company cover losses that may occur.
Limited as collateral for the Company’s debt. Later
in 2002, the Company entered into a business
rehabilitation. The financial institution creditor, who
was the pledgee of ITV Public Company Limited’s
shares, filed a petition for repayment of debt with
the official receiver. The official receiver ordered
that such financial institution creditor would receive
only a part of the debt. Such financial institution
creditor filed an objection against the official
receiver’s order with the Central Bankruptcy Court.
In August 2016, the Supreme Court rendered a
final judgement. At present, it is in the process of
transferring assets and cash collateral in order to
repay the debt to such creditor.
• The financial institution has assigned all of its
claims to another financial institution.