PUTRAJAYA: IOI Properties Bhd has decided to turn down a proposed gratuity payment of RM17.73 million to the late Tan Sri Lee Shin Cheng, said CEO Lee Yeow Seng (pix).
“The family has decided to decline the gratuity payment, so that it was not tabled during the meeting. We feel that we don’t need it,“ he told reporters on the sidelines of the company’s AGM today.
According to the company’s AGM notice on Bursa Malaysia, there was a resolution to seek approval to pay a gratuity of RM17.73 million to the late Tan Sri Lee Shin Cheng in recognition of his 44 years of service and contribution to IOI Properties Group.
This, however, has raised concerns from the Minority Shareholder’s Watch Group (MSWG) that if the the gratuity was approved, it would go to Shin Cheng’s estate and the amount would accrue to the beneficiaries of his estate, who were not known.
Meanwhile, Yeow Seng said the company is targeting RM2 billion in sales and RM2 billion in new launches for FY2020 ending June 30.
source https://www.thesundaily.my/business/ioi-properties-turns-down-proposed-rm17m-gratuity-payment-to-late-founder-EL1580262
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