MTR Corporation’s (00066.HK) former chief executive Jay Walder walked away with over HK$20 million when he stepped down prematurely from the firm last August after being criticized for cost-overruns and delays in a cross-border rail project, the Hong Kong Economic Journal reported.
The payout includes a “golden handshake” of roughly HK$15.7 million to end his contract one year in advance and the cash equivalent of 20,000 plus shares of the company, the report said, citing the rail operator’s annual report.
The value of the shares is said to be worth about HK$620,000.
The total payout surpasses Walder’s compensation in 2012 and 2013, which stood at HK$12 million and HK$ 13 million respectively, the report noted.
The compensation package was kept confidential at the time when Walder, who had faced censure over delays in the Hong Kong-Guangzhou high-speed rail project, was let go.
He appears to have received preferential treatment as MTR did not hand out a generous golden handshake to another official involved in the project, the report said, referring to the case of former project director Chew Tai-chong, who also took the blame for delays and retired 15 months early last October.
Chew received HK$5.9 million remuneration in 2014. His performance-based compensation last year was slashed by about 80 percent to HK$400,000 from the 2013 level.
Translation by Vey Wong
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