Frederick Ma tapped as next chairman of Hong Kong's MTR Corp
The former commerce secretary known for the 'penny stocks affair' will replace Raymond Chien for a three-year stint starting on New Year's Day
Former commerce secretary Frederick Ma Si-hang is to replace Raymond Chien Kuo-fung as chairman of the MTR Corporation for a three-year term starting on New Year's Day, the government announced yesterday.
His appointment comes at a time when the administration is locked in a dispute with the MTR Corp over how much it can claim against the rail company for its responsibility over the delayed and overbudget high-speed railway link to Guangzhou.
Ma, who joined the company as an independent non-executive director in 2013, said: "I am honoured to be appointed chairman of the MTR Corporation.
"In taking up the chairmanship, my priority will be to the Hong Kong travelling public to ensure MTR Corp continues to provide high-quality services while completing the four railway projects we have on hand."
The four rail projects the corporation has undertaken all face delays, the most high profile of which is the express railway line.
Last week, the MTR Corp announced that the cost of the project had ballooned by about 30 per cent, to HK$85.3 billion, and new challenges had further pushed back its opening to 2018.