Thursday 16 August 2012

Puncak Niaga in the red, but top gun gets millions

Despite suffering a pre-tax loss of RM75.2 million in 2011, Puncak Niaga Holdings Bhd still paid between RM8.35 million and RM8.4 million to one of its directors that year.

NONEAccording to the latest Top 50 list of highest paid directors published by Malaysian Business, which compiled the list based on the company annual reports, the Puncak Niaga director was ranked 16.

It is uncertain if the sum was paid to Puncak Niaga executive chairperson Rozali Ismail, but this is highly likely, since he is the top executive of the company.

The magazine noted that only a handful of companies have been transparent in stating the exact remuneration of their top executive.

"Interestingly, several companies with huge losses still rewarded their directors with huge payouts," Malaysian Business said in a press statement, but it did not name the companies.

If Rozali was indeed paid that amount, it would make him the highest paid utility company executive, well ahead of what independent power producer YTL Power International Bhd -ranked 26 - paid its top executive.

Puncak Niaga is an integrated water, wastewater and environmental solutions provider.

NONERozali's (left) salary from Puncak Niaga and its subsidiary, Syarikat Belakan Air Selangor Sdn Bhd (Syabas), of which Rozali is executive chairperson, has been the subject of much speculation and derision by Selangor Pakatan Rakyat leaders.

Detractors have accused Rozali's stewardship for Syabas' failure to abide by contractual agreements with Selangor, including reducing non-revenue water, and said he is not worth his salary.

Furthermore, Syabas has been accused of owing money to state-owned treated water suppliers Syarikat Pengurusan Air Selangor and Konsortium Abbas Sdn Bhd.

Rozali said last week that Syabas' successful defamation suit against Petaling Jaya MP Tony Pua, one of his fiercest critics, has proven that his salary is not RM5.1 million as claimed by many Pakatan leaders.
Quit Syabas, Razali told 

The subject of Rozali's salary had also been raised by Selangor Menteri Besar Abdul Khalid Ibrahim, who had suggested that Rozali be sacked for failing to explain a number of issues raised by the state’s newly-formed Syabas supervisory committee.
NONECommenting on the latest development today, Khalid (left) said Rozali should no longer hold the post, regardless of how much he is paid.

"He needs to quit Syabas as he is in no way involved (with) or (made) himself (available for) any efforts to deal with the water crisis, if indeed there is a crisis," he said.

He said Selangor had contacted Rozali's office daily to invite him to discuss the operations of Syabas, but he has never showed up for a meeting.

Khalid also called on Selangor BN leader Noh Omar and deputy minister Muhyiddin Yassin, who chairs the federal committee on Klang Valley water issues, to take a stand on the matter.

"If they decide to side with Rozali, then it shows that the federal government it siding with (Syabas) executives and not the rakyat," he said.

No comments:

Post a Comment