KUALA LUMPUR - GENTING Bhd topped the list of Malaysian Business 'Highest Paid Directors' survey for 2009, with a payout of RM92.11 million (S$39.49 million).

In a statement here on Wednesday, Malaysian Business said Genting also had the highest remuneration band of RM87.6 million-RM87.65 million for a single director. It said the company, however, did not name the director.

The top executive listed is its executive chairman and chief executive officer, Lim Kok Thay, it said. The magazine said the other company with the highest remuneration band for a single director was Genting's unit, Genting Malaysia Bhd, which paid out RM37.25 million and above to its top executive.

'These payouts, however, might have been paid to the same person taking into account the possibility of double counting,' it said.

It said in third place was IOI Corp Bhd, which paid out a remuneration band of RM25 million-RM30 million to its highest-ranking director.

The survey revealed that the top ten companies in terms of total payouts forked out nearly RM300 million last year. Out of the more than 600 companies surveyed, close to 240 directors drew more than RM1 million in remuneration last year despite the cautious economic environment, it said.

The Malaysian Business survey lists a total of 628 companies with a remuneration band of above RM300,000 as stated in the companys' annual reports.

 

KUALA LUMPUR - GENTING Malaysia will spend US$1.3 billion (S$1.76 billion) to invest in its video lottery project in New York, according to a report submitted to New York regulators.

Genting will pay a licensing fee of US$380 million and US$350 million to develop the site, according to an edited copy of the proposal posted on the New York lottery regulator's website.

A Genting official confirmed that a Memorandum of Understanding (MoU) was signed on Aug 13.

Earlier this month, the New York state lottery recommended a bid from Genting New York, a subsidiary of Genting Malaysia, to develop and operate a video lottery facility at the Aqueduct racetrack in Queens.

Genting New York said in a statement its proposal will offer "an enormous economic boost" to the New York economy, including creating more than 2,000 jobs and generating more than US$500 million per year in state revenue. -- REUTERS