Specification:
Bank “A” is set up by the Ministry of Finance (100% interest), and undertaking “B” is set up by the Ministry of Agriculture (100% interest). The Chairman of the Government is responsible for appointment of ministers of the both ministries.
During 2006 transactions between Bank “A” and undertaking “B” were conducted (lending, settlements, depositing, etc).
Question:
Who are the ultimate beneficiaries of Bank “A” and undertaking “B”. Should the transactions between “A” and “B” be disclosed as transactions with related parties in the financial statements of Bank “A” and undertaking “B”?