MB rejects resolution of payments for PCB directors
IPOH: Perak Menteri Besar Ahmad Faizal Azumu has instructed Perak State Development Corporation (PKNP) to reject resolutions of payment for subsidiary Perak Corp Bhd (PCB) directors’ fees and benefits amounting to almost RM500,000.
Faizal, who is also PKNP chairman, said PCB incurred a net loss of RM340.6 million for the financial year ended Dec 31, 2017 and to date, the group’s current liabilities had exceeded its current assets by RM158.5 million.
“Given PCB’s poor performance in the last financial year, the directors should not be rewarded with such huge benefit.
“Hence, PKNP as the largest shareholder, has opposed these resolutions in the interest of the state and its people,” he said yesterday.
Faizal said in PKNP’s annual general meeting (AGM) on Wednesday. PCB made the resolutions to propose the payment of directors’ fees of RM441,650 and benefits of RM150,000 for the financial year ending December 2017.
“As the chairman, which holds the majority shareholding in Perak Corp, I had instructed PKNP to reject these resolutions.
“At the AGM yesterday (Wednesday), two PCB directors — Datuk Dr S. Vasan and Datuk Dr Wan Norashikin Wan Noordi — did not seek re-election, while another director, Ab Rahman Mohammed tendered his resignation,” he said.
PCB was established in 1991 with a paid-up capital of RM100 million and has been listed on the Main Board of Bursa Saham Malaysia since 2003.
It is the main shareholder of the company with a 52.9 per cent stake. Its key activities are to support PKNP Group as the primary driver of economic development in Perak.