Innopac's outgoing CEO gets $491,920 for unused leave dating back to 2008

PHOTO: Pixabay

INNOPAC Holdings paid its outgoing chairman and CEO Wong Chin Yong just shy of S$492,000 in the quarter ended September 2018 for unused leave dating back to 2008, disclosed the firm on Wednesday night, in response to Singapore Exchange (SGX) queries on its financial results.

Mr Wong was paid S$491,920 for unused leave accumulated from 2008 to 2018. The firm said that the "significant amount due to the CEO goes back to 2008 as he was unable to utilise all his leave entitlement as he had been the only executive director of the company and group".

Mr Wong resigned last week, just about a month after the firm was directed by the SGX to explain how it assessed businesses that the firm had planned to sell at a sharp discount to Mr Wong.

According to Innopac's SGX filings then, Mr Wong plans to step down on March 31, 2019.

The company's group financial controller, Priscilla Tan, received S$5,815 for unused leave in the current year 2018. Other staff, ranging from its accountant to administrative assistant, also received compensation for unused leave from 2017.

This article was first published in The Business Times. Permission required for reproduction.