Parting Seapower directors pocket $10m

PUBLISHED : Friday, 01 September, 1995, 12:00am
UPDATED : Friday, 01 September, 1995, 12:00am

SEAPOWER Resources International paid out $10 million in terminating the service contracts of directors in the wake of the fight for corporate control last year.

Chairman Choi Sai-leung wrested control of the company away from former stock exchange chief executive Francis Yuen Tin-fan in a bitter battle.

Defeat of the Yuen group led to the resignation on September 8 and September 30 of a number of directors, including Frank Miu Hei, William Fang Shu-lam, Mr Yuen and Owen Leung Chung-ping.

Seapower's annual report shows directors' emoluments leaped 78.4 per cent from $14.4 million to $25.7 million.

Salaries rose from $8.3 million to almost $10 million. There were bonuses paid of $5.6 million, slightly down on the previous figure, and $10 million was paid on termination of service contracts.

The biggest payment in the year ended March 31 was up to $6 million, against $4 million previously.

Emoluments at associate company Seapower International Holdings have dropped significantly since the resignation of Mr Yuen and Mr Leung.

The total figure fell 66.7 per cent to $4.69 million from $14.11 million. Fees were $43,000, against $139,000 previously. Salaries, housing and other benefits in kind slumped to $4.65 million from $13.97 million.

This year's top payout fell from a maximum of $4.5 million to a maximum of $3.5 million. The top pay of the four highest paid non-director individuals at the company rose to $7.59 million from $3.86 million.