ECONOMY | Staff Reporter, Singapore

Daily Briefing: Jail sentence for Resorts World Sentosa ex-boss slashed; Temasek buys 3.6% of Bayer for US$3.7b

And here's how the salaries of the CEOs of smaller firms beat those from Singapore's top 10 companies.

From Yahoo! News Singapore:

Former Resorts World Sentosa (RWS) executive Alex Ong Boon Chuan, who appealed against his jail term for corruption, had his sentence reduced by two weeks in the High Court.

"Following a seven-day trial last June, 45-year-old Alex Ong Boon Chuan was convicted in the State Courts and sentenced to 22 weeks’ jail and also ordered to pay a $39,000 penalty. This was reduced to 20 weeks’ jail and a $22,800 penalty following his successful appeal.

Ong had been found guilty on five charges of corruptly obtaining loans of between $1,000 and $16,000 from Kenneth Ng Soon Yong, the director of Mecflou.

Ong was responsible for the construction and installation of the Transformers theme ride at Universal Studios Singapore (USS), and Mecflou was a subcontractor which did mechanical works for the project."

Read more here.

From Deal Street Asia:

German drugmaker Bayer sold a 3.6% stake to Temasek Holdings for US$3.7b amidst its fundraising for the planned US$62.5b takeover of seed maker Monsanto.

"Bayer said it had struck a deal with Temasek under which it would issue shares with an entitlement to dividends as of 1 January 2017 at an at-market price. Together with its existing holding in Bayer, Temasek would own about 4% in Bayer after the transaction.

'Temasek takes equity positions in leading companies globally and is a long-term investor,' Bayer Chief Executive Werner Baumann said in a statement."

Read more here.

From via Yahoo! Finance:

The CEOs of some smaller component companies in the Straits Times Index (STI) beat the bosses of larger companies in terms of remuneration in 2017. The remuneration of Venture's CEO hit $12m in 2017, which is large for its small component market cap of $7.9b. Genting Singapore's CEO was paid $10m, which is also large for a company with a market cap of $13.2b.

"Looking past this, the biggest companies generally paid their CEOs better. CEOs at DBS Group, OCBC, UOB and SingTel were all within the top eight best paid. The only observable deviation looked to be Thai Beverage, part of the top five highest capitalised companies (excluding the three companies which did not disclose its CEO pay), which paid their CEO $1.5m in FY2017."

Read more here.

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