According to the highest paid directors list published byMalaysian Business magazine today, Puncak Niaga's executive chairperson Rozali Ismail (left) drew RM14 million in directorship fees last year.This places him eight in the list of 50, and is also one of two bumiputras among the top ten, the other being CIMB Group Holdings chief executive officer Nazir Abdul Razak, who was ranked fourth.
Previously, the February 2008 edition of the magazine had also named Rozali as the 32nd richest individual in Malaysia, while the 2007 company annual report cites RM5.1 million were paid to him in allowances. Puncak Niaga's financial position has been the subject of debate as the Selangor government, which claims the firm is in debt, attempts to buy up all four water concessionaires operating in the state.
A state government information brochure on the subject claims that Puncak Niaga has RM1.3 billion in debts.
Commenting on the Malaysian Business list, Petaling Jaya MP Tony Pua said that Puncak Niaga, as a private company, was entitled to pay their directors as much as they deem fit.
“But I wouldn't hire him for that much money,” said Pua (left), who is among Selangor Pakatan Rakyat lawmakers who have been resisting attempts to federalise water assets. Similarly, Klang MP Charles Santiago said the high fees paid to Rozali were “bleeding” an organisation that should instead serve in the public's interest.
“People like him should not be trusted to lead a company which supplies water to the people. In other countries, they make such directors take pay cuts,” said Santiago.
The two DAP MPs have constantly placed Puncak Niaga in their line of fire for using “arm-twisting tactics” in Selangor's attempt to consolidate the state's water assets and offer cheaper water tariffs.
courtesy of Malaysiakini
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