v3.25.1
Restricted Bank Balance, Cash and Cash Equivalents
 12 Months Ended
Dec. 31, 2024
Restricted Bank Balance, Cash and Cash Equivalents [Abstract]  
Restricted Bank Balance, Cash and Cash Equivalents
10Restricted Bank Balance, Cash and Cash Equivalents

 

   2024   2023 
         
Cash in hand   26,560    15,065 
Balances in current accounts   28,819,186    28,399,437 
    28,845,746    28,414,502 
The above consist of the following:          
Non-current          
Restricted bank balance (Note 15)   8,500,000    8,500,000 
    8,500,000    8,500,000 
Current          
Cash and cash equivalents   13,447,206    7,718,655 
Restricted bank balance   6,898,540    12,195,847 
    20,345,746    19,914,502 

As of December 31, 2024, restricted bank balances include USD 8,500,000 (2023: USD 8,500,000) held in the Liquidity account, USD 6,898,540 (2023: USD 7,195,790) held in the Debt Service Retention account, nil (2023: 5,000,057) is held in the Escrow account. The amount in the Escrow account, purposed to pay the SEC settlement charge, was paid on January 3, 2024 (Note 18).

 

In December 2023, two former directors of the Group transferred USD 200,000 (USD 100,000 each) to the Escrow account from their personal account to pay the SEC settlement charge. These balances are not available for use by the Group and was not recognized as asset.

 

A first priority pledge over the balances in the Earnings account, Liquidity account, and Debt Service Retention account is held as security under the Bond Terms.

 

Significant non-cash transactions

 

The Group recorded trade and accounts payables of USD 21,416,246 due to property, plant and equipment suppliers as at December 31, 2023 for additions of capital work in progress during the year. There were no significant non-cash transactions in 2024.