Year
Out-going
Mr Tay Kwang Thiam
Mr John Lewis House
In-coming
1987
Mr Peter Chor Hong Choi Mr Ahmed Al Ebrahim Mr Christopher John August
Mr Yu Jia Cong Mr Yau Yu Ming Mr Fan Wan Zhang
Mr Gao Xue Sheng
1986
1985
Mr Ali Abdel-Amir Allawi
Mr Maqbool Ali Sultan
Mr Abbas Ali Al-Qattan
Mr Rashed Mohammed Th.
Al-Khalidi
Mr Timothy L. Jones
Mr Christopher John August
Mr George M.K. Lee
(Chairman)
Mr Leo Tung Hai Lee
Mr Wong Ker Lee
Mr Robert Lee Tjen Liang
Mr Lei Mo Meng
Mr Thomas Choo Nam Kian
Mr Philip Yu-Hong Wong Mr Fouzan Al Fouzan
Mr John Kwong Sun Chan (New Chairman)
Miss Patricia Jane Lu
Mr Eugene Ho
Mr Frankie Kin Wing Cheng
Mr Peter Chor Hong Choi
Mr Leung Pai Wan
Mr Maqbool Ali Sultan
Mr Fouzan Al Fouzan
While Directors come and go, it seems that Directors' emoluments go on forever.
Emoluments for Directors increased from $HK4.29 million in 1986 to $HK6.88 million in 1987, an increase of 60.37 percent.
One can only speculate, as Panin Holdings had no comment to make, whether or not the increase in Directors' emoluments was due to 'golden handshakes' which may have been required to ease the exit of the former Chairman and Directors.
However, what is clear is that had the Directors of the Group not taken such a large slice of Panin Holdings's 'pie', by way of Directors' emoluments, the Group would have nearly broken even in 1987.
Performance In 1987
The 1987 Financial Year was one in which the Group was able to stem the increasing losses which had plagued the Group since 1985.
Turnover for the Group increased 1.46 percent over 1986, from $HK175.32 million to $HK177.95 million.
For the 1987 Financial Year, Panin Holdings posted an After-Tax Operating Loss of $HK8.69 million, com- pared with a Loss of $HK26.98 million in 1986.
The associate companies of the Group contributed $HK6.10 million to Profits compared with $HK349,609 in
1986.
Income from listed and unlisted investments declined
from $HK1.71 million in 1986 to $HK239,268 in 1987.
3