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SURELY, IT IS A PAYMENT FAR TOO GREAT!
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Malaysiakini
MP SPEAKS
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On paper, PNHB recorded a net profit of RM233 million for the financial year 2012. However, it should be highlighted that PNHB achieved profitability only because it recognised a RM1,024 million “water tariff compensation” from the Selangor state government.
This compensation has never been agreed to by the state government because PNHB and its subsidiary, Syabas, had failed to fulfil its obligations under the water concession agreement. The failure includes but is not limited to Syabas’s failure to repair and replace ageing pipes, and consequently to reduce the percentage of non-revenue water in Selangor.
In fact, the “compensation” is being disputed in court and hence should not be recognised as “revenue” for PNHB in the first place.
Without the compensation payment, PNHB would have made massive losses of up to RM791 million.
For the previous financial year 2011, PNHB made net losses of RM83 million, despite recognising RM458 million in “water tariff compensation”. Hence the total losses without the “compensation” would have been as high as RM541 million. The above figures are found in the PNHB Annual Report 2012, on pages 150 and 198 respectively.
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The RM33.4 million payout to Rozali is a serious issue because it involves Puncak Niaga and its subsidiary, Syabas, which have been awarded monopolistic concessions by the Barisan Nasional governments to operate water treatment plants and to distribute water in the state of Selangor.
Water is an essential basic utility for every single Malaysian and we are completely flabbergasted that these concessions have been abused to outrageously enrich inidividuals who are cronies of the BN regime.
Therefore Suruhanjaya Perkhidmatan Air Negara (Span) must investigate this payout immediately and take all necessary actions to protect the interest of Malaysians. In fact, the Energy, Green Technology and Water Ministry must immediately stop all extraordinary and non-operational payouts in the water concessionaires pending the restructuring exercise, particularly if these companies still owe billions of ringgit to the federal government.
TONY PUA is the DAP parliamentarian for Petaling Jaya Utara.
Puncak Niaga chief should be axed, not rewarded
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TNB CEO gets RM7m a year. For the financial year 2012, TNB recorded a revenue of RM35.85 billion.
Puncak Niaga Holdings Bhd recorded a revenue of RM2.5 billion but pays its executive chaairman RM33.4m!
Puncak Niaga carries in its books a RM304 million debt to the government due to soft loans given the its group of companies to carry out its concession obligations in the state of Selangor.
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.
Malaysiakini
Is RM33.4mil payout a golden handshake?
MP SPEAKS Right-thinking Malaysians are completely outraged by the shocking RM33.4 million remuneration package for the executive chairperson of Puncak Niaga Holdings Bhd and its subsidiary, Syarikat Bekalan Air Selanagor, Rozali Ismail.
Malaysians are outraged because Rozali’s companies have been awarded monopolistic concessions by the BN government to operate water treatment plants and to distribute water in the state of Selangor.
Water is an essential basic utility for every single Malaysian and we are completely flabbergasted that these concessions have been abused to outrageously enrich inidividuals who are cronies of the BN regime.
As a comparison, the remuneration package of the chief executive officer of Tenaga Nasional Bhd (TNB), the country’s biggest utility is only RM7 million.
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What makes the RM33.4 million award to Rozali is the fact that Puncak Niaga is heavily laden with billions of ringgit of debt, and had to be bailed out by the government repeatedly in the last few years.
Because Puncak Niaga and Syabas was 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. Based on the 2012 Puncak Niaga financial statement, the group has RM937 million in near-term loans and borrowings, and RM4,719 million in non-current loans and borrowings.
Is RM33.4mil payout a golden handshake?
See also:
- Klang MP queries RM33.4mil remuneration for Syabas chair
- Rozali asks Selangor to explain water deal
- Rozali’s bid to stay RM35 mil payment fails
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Thank You Puncak Niaga for your generosity!
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Chairman of Puncak Niaga Minority Shareholders Watchdog Group, Muhammad Imran Abdullah, insisted that Rozali deserved the enormous reward as he founded the 20 year-old company.
Malaysiakini
Puncak Niaga Holdings Bhd (PNHB) executive chairperson Rozali Ismail’s RM33.4 million remuneration package may have raised the many eyebrows, but a group of minority shareholders feels he is well worth it.
“It was tabled at the PNHB’s annual general meeting, we approved it,” said Muhammad Imran Abdullah (right), chairperson of the Puncak Niaga Minority Shareholders Watchdog Group.
“You must understand, this man is the founder of the company which started 20 years ago. For all his contributions, the shareholders have agreed to the payment,” he said at a press conference today.
He added he personally felt Rozali deserved it and claimed that those who raised the issue were non-shareholders.
http://www.malaysiakini.com/news/234804
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Puncak Niaga boss’s dizzying salary to be re-looked?
| Harakahdaily, | 05 July 2013 |
Jul 5:
“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.
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weehingthong 