Transactions with directors and key management personnel of the Group and the Bank

The following table provides the total amount of transactions, which have been entered into with key management personnel for the relevant financial year:

Chairmanship fees paid to related parties is MUR 7.8m ( 2019: MUR 5.8m, 2018: MUR 5m).

Transactions with other related parties

In addition to transactions with key management personnel, the Group and the Bank entered into transactions with entities having significant influence over the Group and the Bank. The following table shows the outstanding balance and the corresponding transaction during the year.

The dividend paid to related parties on Class A Shares is MUR 4.9m (2019: MUR 1.2m, 2018: MUR 1.1m).

The dividend paid to related parties on Ordinary Shares is MUR 231.7m (2019: MUR 95.1m, 2018: MUR 97.5m).

Terms and conditions of transactions with related parties

The above mentioned outstanding balances arose in the normal course of business. For the year ended 30 June 2020/2019, the Group and the Bank have raised expected credit losses for doubtful debts relating to amounts owed by relating parties as per ECL model currently being applied on financial assets (2018:Nil). At 30 June 2020, none of the facilities to related parties was non-performing (2019: MUR Nil, 2018: MUR Nil). In addition, for the year ended 30 June 2020 the Bank has not written off any amount owed by related party (2019: MUR Nil, 2018: MUR Nil).

The total on and off balance sheet exposure to the related parties amounted to MUR 1.7 bn (2019: MUR 3.0 bn, 2018: MUR 2.4bn) representing 5.5% (2019: 10%, 2018: 8%) of loan and advances exposure.

The Bank acts as custodian for AfrAsia Capital Management Ltd. The latter has deposits in Kingdom Bank Limited amounting to USD 1.2m (2019: USD 1.2m and 2018: USD 1.2m).

Amount due to/from related parties

The related party transactions were carried out under market terms and conditions with the exception of loans to Key Management Personnel who benefited from preferential rates as applicable to staff. The above balances were unsecured.