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RELATED PARTIES BALANCE AND TRANSACTIONS
 12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
RELATED PARTIES BALANCE AND TRANSACTIONS

NOTE 9 – RELATED PARTIES BALANCE AND TRANSACTIONS

 

Related parties with whom the Company had transactions are:

 

Related Parties   Relationship
Maderic Holding Limited   Shareholder of IEC
HFO Investment Group Limited   Shareholder of IEC
Coalville Holdings Limited   Controlled by Dr. Wirawan Jusuf
Mr. Ignatius Indiarto   Commissioner of GWN, subsidiary of IEC
Mr. Mirza F. Said   Chief Business Development Officer of IEC

 

The related party transactions during the years ended December 31, 2020 ,2019 and 2018 are as follows:

   Years Ended December 31, 
   2020   2019   2018 
Repayment from a related party               
Coalville Holdings Limited  $-   $-   $160,100 
Repayment from a related party  $-   $-   $160,100 
                
Loan from a related party               
Maderic Holding Limited  $-   $3,800,000   $4,500,000 
Repayment to related parties               
Maderic Holding Limited   -    (3,800,000)   (2,140,000)
Net loan from related parties  $-   $-   $2,360,000 
                
Shareholder debts converted to capital contribution               
Maderic Holding Limited  $-   $-   $21,150,000 
HFO Investment Group Limited   -    -    3,150,000 
Total shareholder debts converted to capital contribution  $-   $-   $24,300,000 
                
NCI subscription receivables transferred to the Company               
Mr. Ignatius Indiarto (HNE)  $-   $-   $7,750 
Mr. Mirza F. Said (HNE)   -    -    7,455 
Mr. Mirza F. Said (CNE)   -    -    7,750 
Total NCI subscription receivables transferred to the Company  $-   $-   $22,955