FGV Annual Report 2016

FELDA GLOBAL VENTURES HOLDINGS BERHAD 276 FINANCIAL REPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016 24 INTERESTS IN JOINT VENTURES Group 31.12.2016 RM'000 31.12.2015 RM'000 (Restated) 1.1.2015 RM'000 (Restated) Share of net assets of joint ventures 628,071 661,347 718,603 The Group's share of the results of the joint ventures are as follow: 2016 RM'000 (Restated) 2015 RM'000 Revenue 6,009,757 5,195,210 Group's share of results for the financial year (19,478) 40,022 Share of capital commitments of joint ventures 10,829 28,381 During the financial year, stock losses of TL71,960,000 (RM91,320,000) and overstatements of receivables of TL11,480,000 (RM14,564,000) had been identified by the Group due to the manipulation of financial statements perpetrated by previous management of Felda Iffco Gida Sanayi ("FIGS"), a subsidiary of Felda Iffco Sdn. Bhd., a joint venture of the Group which arose from overstatements of inventories and receivables in FIGS, from the beginning financial year 2011 to 2016, which were considered as deliberate misrepresentation of facts and fraud. The impact of fraud relating to current financial year of RM16,123,000 had been included in the Group's share of results from joint ventures for the current financial year, while the impact of errors relating to the fraud perpetrated in prior financial years amounting to RM10,380,000 and RM26,439,000 had been adjusted against the results for the financial year ended 31 December 2015 and periods prior to 1 January 2015 respectively (Note 58).