Date
17 December 2017
MTR chief executive Jay Walder was paid HK$13 million last year, with HK$5 million linked to performance. Photo: Bloomberg
MTR chief executive Jay Walder was paid HK$13 million last year, with HK$5 million linked to performance. Photo: Bloomberg

Govt wants MTR to pay for high-speed rail delay

Hong Kong railway operator MTR Corp. is being held liable by the government for costs relating to the delay of the HK$67 billion (US$8.64 billion) cross-border high-speed rail project, Ming Pao Daily reported Wednesday, citing a statement from the company.

The government will not allocate any extra funding for the project which is facing a two-year delay.

The estimated cost of the railway that will connect Hong Kong and Guangzhou has risen by HK$3.4 billion, MTR was quoted as saying.

The government may seek compensation of up to HK$4.6 billion over the operator’s handling of the project.

Legislator Michael Tien said the government should disclose details of the railway contract with MTR and any decision on whether or not to release additional funding depends on the terms of the agreement.

Meanwhile, Secretary for Transport and Housing Anthony Cheung wants the rail company to consider cutting management salaries if there are serious delays in train services.

MTR chief executive Jay Walder was paid HK$13 million in 2013, with HK$5 million tied to performance, the report said.

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