Hong Kong rail chief to step down a year early

HONG KONG — MTR Corp. chief executive Jay Walder will step down next month — a year earlier than scheduled — after an internal report yesterday criticised him for "poor judgment" over the delayed $8.6 billion cross-border rail project, the South China Morning Post reported.

The MTR announced in April that construction problems had pushed completion back to 2017.

The decision was a "mutual agreement" that would be "beneficial" to the company and had nothing to do with the report, MTR Corp chairman Raymond Chien Kuo-fung said, according to the report.

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