Sunday, March 01, 2009

Puncak Niaga Executive Chairman's Pay Package

Puncak Niaga Holdings Bhd (PNHB) Executive Chairman, Tan Sri Rozali Ismail gets paid RM5.1 million in director's fee/salary as per the 2007 Puncak Niaga Holdings Berhad annual report.  It's well within the Top 10 highest paid directors in Malaysia.

According to Malaysian Business, he's also the 33rd richest man in Malaysia, after successfully securing the water privatisation deals in Selangor, under its subsidiaries, Puncak Niaga Sdn Bhd and SYABAS Sdn Bhd.

When asked by reporters about his pay package, he had only this to say, "...If they want professionals to run the company, they will have to pay." Ooooh....ouch!

Now he wants the Federal Government to pay much more for "his" water concession which was granted to PNHB for a song (he rejected Selangor Government's offer), while at the same time, also asking the Government to take over all the companies' bond and loan obligations amounting to RM4.1 billion in total due to ever increasing cashflow problems. (Note: PNHB incurred a quarterly loss (for the first time?) for its most recent Oct-Dec 2008 results.)

Well, looks like in Malaysia, even if you get monkeys to run companies, you will still have to pay.
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