Selangor said Puncak Niaga Holdings executive chairman Rozali Ismail's sky-high remuneration meant that his share value in the company would be adjusted once the state government carried out its water restructuring exercise.
“I think it is clear that the people of Selangor do not agree. If we take over the water restructuring, we will deduct his salary based on evaluation calculation,” said Selangor Menteri Besar Khalid Ibrahim.
PNHB subsidiary Syarikat Bekalan Air Selangor (SYABAS) is one of four water concessionaires for Selangor. Selangor had offered RM9.65 billion to take over the four water treatment plants.
Petaling Jaya Utara member of parliament Tony Pua had that the RM33.4 million reward for Rozali (pic) was unacceptable because PNHB was mired with debts amounting to billions of ringgit.
“It had to be bailed out by the government repeatedly in the last few years. Because Puncak Niaga and SYABAS were unable to repay their RM1.3 billion and RM2.9 billion debts respectively these debts were 'taken over' by the Federal government in 2011 to prevent these companies from defaulting,” said Pua.
Based on the 2012 financial statement, Pua said PNHB had RM937 million in near-term loans and borrowings, RM4,719 million in non-current loans and borrowings and RM304 million debt to the government.
“This does not include the fact that the Federal government has also provided grants amounting to RM726 million to SYABAS, including the latest RM120 million granted in January this year,” he stressed.
Earlier, chairman of Puncak Niaga Minority Shareholders Watchdog Group, Muhammad Imran Abdullah, insisted that Rozali deserved the luxurious reward as he founded the 20 year-old company.
- Harakahdaily
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