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QUESTION 3 (10 marks) Olympia Ltd is the parent entity of the Olympia group and
manufactures sporting equipment. Mr. Able holds the following positions: Managing director of
Olympia Ltd; Controls Track Ltd through a 70% shareholding; and Director of Sporty Ltd. Mr.
and Mrs. Able are married in community of property. Olympia Ltd is a subsidiary of Field Ltd.
Field Ltd also controls Ball Ltd through its 80% shareholding in the ordinary shares of Ball Ltd.
Olympia Ltd owns an 85% shareholding in the ordinary shares of Sprint Ltd, a company that
manufactures sporting memorabilia. Olympia Ltd also has a 20% shareholding in Direct Ltd, a
company that manufactures sporting watches. The 20% shareholding in Direct Ltd constitutes
significant influence. The employees of Olympia Ltd are members of the Olympica Pension
Fund, providing post-employment pension fund benefits to employees, and the Olympica Trade
Union. REQUIRED: Indicate which of the parties are related to Olympia Ltd and which are not,
in terms of IAS 24. (10 marks)

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