Former commerce secretary Frederick Ma Si-hang has been named the new chairman of MTR Corp. Ltd. (00066.HK), replacing Raymond Chien Kuo-fung.
Ma, 63, will serve a three-year term starting 2016 with an annual director fee of HK$1.2 million, the same salary level Chien is currently receiving.
Ma is currently the company’s independent director and chairs its committee of independent directors, which is looking into the delays in the construction of the Hong Kong link to the national high-speed railway.
The project is now more than HK$20 billion over the original budget.
Wu Chi-wai, who sits on the Legislative Council’s traffic and transport committee, said he expects Ma to resolve the issues confronting the rail link, considering his long experience in the government under the accountability regime, and hold the company responsible and accountable to the public.
Ma left the government in 2008 for health reasons, after serving in various positions including as secretary for commerce and economic development.
Secretary for Transport and Housing Anthony Cheung Bing-leung said the government will determine the parties responsible for the delays and overbudget in the construction of four rail projects, including the Sha Tin-Central link, Kwung Tong Line extension and the eastern link of the South Island Line.
Translation by Vey Wong
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