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AMOUNTS DUE FROM OTHER RELATED PARTIES (Tables)
12 Months Ended
Dec. 31, 2017
AMOUNTS DUE FROM OTHER RELATED PARTIES  
Schedule of amounts due from other related parties

 

 

 

 

 

At December 31,

 

 

 

Notes

 

2016

 

2017

 

 

 

 

 

Thousand USD

 

Thousand USD

 

Current:

 

 

 

 

 

 

 

Trade

 

 

 

 

 

 

 

China New Era

 

a

 

4,166

 

3,334

 

Sky Global Solar S.A.

 

h

 

2

 

 

Less: allowance for doubtful debts

 

a

 

(1,970

)

(1,970

)

 

 

 

 

 

 

 

 

 

 

 

 

2,198

 

1,364

 

Non-Trade

 

 

 

 

 

 

 

Sky Solar (Hong Kong) International Co., Ltd.

 

b

 

1,339

 

 

SWL Flash Bright Limited

 

d

 

67

 

 

China New Era

 

a

 

360

 

359

 

Sky Solar New Energy Investment Ltd.

 

e

 

1,480

 

 

Tany International (Hong Kong) Co., Ltd.

 

f

 

816

 

 

Sky Solar (Canada) FIT 1 Limited Partnership

 

i

 

203

 

 

Su Weili

 

j

 

 

15,220

 

 

 

 

 

 

 

 

 

Less: allowance for doubtful debts

 

a

 

(230

)

(230

)

 

 

 

 

 

 

 

 

 

 

 

 

4,035

 

15,349

 

 

 

 

 

 

 

 

 

 

 

 

 

6,233

 

16,713

 

 

 

 

 

 

 

 

 

Non-Current:

 

 

 

 

 

 

 

Trade

 

 

 

 

 

 

 

Oky Solar Holdings, Ltd. and its subsidiaries

 

g

 

3,283

 

 

RisenSky Solar (defined in Note 23) and its subsidiaries

 

 

 

1,021

 

1,247

 

 

 

 

 

 

 

 

 

 

 

 

 

4,304

 

1,247

 

Non-Trade

 

 

 

 

 

 

 

RisenSky Solar (defined in Note 23) and its subsidiaries

 

c

 

3,821

 

4,385

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,125

 

5,632

 

 

 

 

 

 

 

 

 

 

Notes:

 

(a)

Sky Solar Holdings is able to exercise significant influence over China New Era through its 49% ownership interest and participation on the board. In addition, certain key management of the Group acts as legal representatives of the solar plant entities controlled by China New Era. China New Era is therefore an associate of Sky Solar Holdings and considered as a related party of the Group.

 

Included in the balance amount due from China New Era as of December 31, 2016 and December 31, 2017, an allowance for doubtful debt of USD 2.2 million is provided for receivables for which they have defaulted on payment obligation.

 

(b)

Sky Solar (Hong Kong) International Co., Ltd. is an entity which is a 100% owned and controlled by Mr. Su as at December 31, 2016 and 2017.

 

(c)

Included in the balance was a carrying amount of USD 3.8 million and as USD 4.4 million at December 31, 2016 and 2017, respectively, which carried interest at 3.0% per annum. The balance was reclassified from current to non-current as the Group does not expect to receive the repayment within twelve months after the end of the reporting period.

 

(d)

SWL Flash Bright Limited is a 100% owned subsidiary of Sky Solar (Hong Kong) International Co., Ltd. as at December 31, 2016 and 2017.

 

(e)

The entity is controlled by Mr. Su as at December 31, 2016 and 2017.

 

(f)

The entity is controlled by Mr. Su as at December 31, 2016 and 2017.

 

(g)

Sky Solar Japan Co., Ltd. (“Sky Solar Japan” or “SSJ”), a wholly owned subsidiary of the Group, holds 30% equity interests in Oky Solar Holdings, Ltd. (“Oky Solar Holdings”) as at December 31, 2016 and sold it in March 2017.

 

(h)

Mr. Su holds 40% equity interests in Sky Global Solar S.A. as at December 31, 2016 and December 31, 2017. Mr. Su has significant influence over the entity, and as such, Sky Global Solar S.A. is considered a related party.

 

(i)

Sky Solar (Canada) FIT 1 Limited Partnership (“FIT 1”) is controlled by 10088526 B.C, Ltd (“1088526”), an equity investee in which the Group holds 75% equity interest. (Note 23)

 

(j)

On September 19, 2017, the Company entered into a settlement agreement with Mr. Su to resolve all potential claims by the Company against Mr. Su and certain entities controlled by him concerning certain fund transfers, which were not approved by the board or the audit committee and which lacked insufficient documentary support, as well as all potential claims that Mr. Su and such entities may have against the Company in connection with Mr. Su’s employment at the Company.  Under this agreement, various debt assignment agreements signed among the Company, certain third parties, and certain entities controlled by Mr. Su in April 2017 shall have no effect and be rescinded immediately; and Mr. Su agrees to pay back to the Company approximately US$15.2 million and failing this, authorize the Company to sell on behalf of him and /or transfer to the Company the American depositary shares that he holds in the Company to pay for such settlement amount. After this agreement, the Group has amount due from Mr. Su to USD 15.2 million.

 

Schedule of movements in the allowance for doubtful debts of amounts due from related parties

 

 

 

At December 31,

 

 

 

2016

 

2017

 

 

 

Thousand USD

 

Thousand USD

 

Balance at beginning of year

 

(2,200

)

(2,200

)

Provisions recognized on receivables

 

 

 

 

 

 

 

 

 

Balance at end of the year

 

(2,200

)

(2,200

)