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Accounts and transactions with related parties | 12 Months Ended
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Dec. 31, 2020
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Accounts and transactions with related parties |
23. | Accounts and transactions with related parties
|  | 2020 |  |  | 2019 |
Account receivable - |  |  |  |  |  |  |  |
Banco General, S.A. |  | $ | 1,231 |  |  | $ | 24 |
Panama Air Cargo Terminal |  |  | 186 |  |  |  | 101 |
Petróleos Delta, S.A. |  |  | 12 |  |  |  | 22 |
|  | $ | 1,429 |  |  | $ | 147 |
Account payable - |  |  |  |  |  |  |  |
Petróleos Delta, S.A. |  | $ | 2,476 |  |  | $ | 13,330 |
Assa Compañía de Seguros, S.A. |  |  | 358 |  |  |  | 283 |
Desarrollos Inmobiliarios del Este, S.A. |  |  | 51 |  |  |  | 20 |
Panama Air Cargo Terminal |  |  | 40 |  |  |  | 250 |
Galindo, Arias & López |  |  | 36 |  |  |  | — |
Cable Onda, S.A. |  |  | 9 |  |  |  | 20 |
Banco General, S.A. |  |  | — |  |  |  | 151 |
Motta International, S.A. |  |  | — |  |  |  | 32 |
|  | $2,970 |  |  | $14,086 |
Transactions with related parties for the year ended December 31 are as follows:
|  |  |  | Amount of transaction |  |  | Amount of transaction |  |  | Amount of transaction |
Related party |  | Transaction |  | 2020 |  |  | 2019 |  |  | 2018 |
Petróleos Delta, S.A. |  | Purchase of jet fuel |  | $ | 102,702 |  |  | $ | 376,765 |  |  | $ | 398,733 |
ASSA Compañía de Seguros, S.A. |  | Insurance |  |  | 7,147 |  |  |  | 11,215 |  |  |  | 9,735 |
Desarrollo Inmobiliario del Este, S.A. |  | Property leasing |  |  | 3,301 |  |  |  | 4,017 |  |  |  | 3,838 |
Profuturo Administradora de Fondos |  |  |  |  |  |  |  |  |  |  |  |  |  |
de Pensión y Cesantía |  | Payments |  |  | 2,839 |  |  |  | 5,145 |  |  |  | 4,716 |
Panama Air Cargo Terminal |  | Handling |  |  | 2,037 |  |  |  | 3,522 |  |  |  | 5,849 |
Motta International |  | Purchase |  |  | 550 |  |  |  | 1,854 |  |  |  | 1,585 |
Cable Onda, S.A. |  | Communications |  |  | 703 |  |  |  | 1,396 |  |  |  | 1,687 |
Galindo, Arias & López |  | Legal services |  |  | 236 |  |  |  | 309 |  |  |  | 490 |
GBM International, Inc. |  | Technological support |  |  | 146 |  |  |  | 240 |  |  |  | 231 |
Global Brands, S.A. |  | Purchase |  |  | 31 |  |  |  | 108 |  |  |  | 55 |
Televisora Nacional, S.A. |  | Communications |  |  | 13 |  |  |  | — |  |  |  | — |
Banco General, S.A. |  | Interest income |  | $ | (2,657 | ) |  | $ | (4,181 | ) |  | $ | (3,781 | )
Banco General, S.A.: The Company’s controlling shareholders have a vote and a decision within the board of directors of BG Financial Group, which is the controlling company of Banco General. Likewise, Banco General, S. A. owns ProFuturo Administradora de Fondos de Pensión y Cesantía S.A., which manages the Company’s reserves for pension purposes. Also the Company has interest receivable by $1.0 million (2019: $2.1 million) due to short and long term time deposits in this financial institution . Petróleos Delta, S.A.: Since 2005, the fuel company entered into a contract with the Company to meet its jet fuel needs. The contract’s term is two years, and the last contract subscribed was on June, 2020. While the Company’s controlling shareholders do not hold a controlling equity interest in Petróleos Delta, S.A., various members of the Company’s Board of Directors are also board members of Petróleos Delta, S. A. ASSA Compañía de Seguros, S. A.: An insurance that provide substantially all of the Company’s insurance policies. While the Company’s controlling shareholders do not hold a controlling equity interest in ASSA Compañía de Seguros, S. A . , various members of the Company’s Board of Directors are also board members of ASSA Compañía de Seguros, S. A. Desarrollo Inmobiliario del Este, S. A.: The Company leases five floors consisting of approximately 105,981 square feet of the building from Desarrollo Inmobiliario, an entity controlled by the same group of investors that controls Corporación de Inversiones Aéreas, S. A. (“CIASA”). CIASA owns 100% of the class B shares of the Company. This contract is a lease contract under IFRS 16. Panama Air Cargo Terminal: Provides cargo and courier services in Panama, an entity controlled by the same group of investors that controls CIASA. Motta Internacional, S.A. & Global Brands, S. A.: The Company purchases most of the alcohol and other beverages served on its aircraft from Motta Internacional, S. A. and Global Brands, S. A., both of which are controlled by the Company’s controlling shareholders. Cable Onda, S.A.: The Company is responsible for providing television and internet broadcasting services in Panama. A member of the Company’s Board of Directors is shareholder of Cable Onda, S. A. Galindo, Arias & López: Certain partners of Galindo, Arias & López (a law firm) are indirect shareholders of CIASA and serve on the Company’s Board of Directors. GBM International, Inc.: Provides systems integration and computer services, as well as technical services and enterprise management. A member of the Company’s Board of Directors is shareholder of GBM International, Inc. Televisora Nacional, S.A.: This Panamanian television channel provide broadcasting services. A member of the Company’s Board of Directors is shareholder of Televisora Nacional, S. A . Compensation of key management personnel Key management personnel compensation is as follows:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Short-term employee benefits |  | $ | 3,177 |  |  | $ | 4,969 |  |  | $ | 6,104 |
Post-employment pension |  |  | 61 |  |  |  | 95 |  |  |  | 117 |
Share-based payments |  |  | 2,362 |  |  |  | 3,246 |  |  |  | 5,092 |
|  | $5,600 |  |  | $8,310 |  |  | $11,313 |
The Company has not set aside any additional funds for future payments to executive officers, other than one pursuant to a non-compete agreement for $3.0 million established in 2006 (see note 21).

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- Definition The entire disclosure for related parties. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 24 -IssueDate 2020-01-01 -Section Disclosures -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=24&code=ifrs-tx-2020-en-r&doctype=Standard&dita_xref=IAS24_g13-24_TI -URIDate 2020-01-01 + Details
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