Friday, May 14, 2010

Re-audit Sime Darby accounts

As an Amanah Bumiputera Berhad account holder, I call upon the Board of Directors of Sime Darby Berhad and the Government to set up an independent audit committee to re-audit the company's accounts over the past five years.

The committee should in particular investigate losses in the energy and utilities, property and the motors divisions.

I am puzzled as to why Sime Darby awarded many big property development projects to Brunsfield Berhad despite the fact that Guthrie, which has expertise in property development, is now part of the enlarged Sime Darby.

The committee should also investigate the disposal of high-value land. I wonder if all these decisions were made with the approval of the Board.

If there are elements of fraud, those responsible must be sent to prison.


Anonymous said...

If the projects were somewhat mid-way before the GHope/Guthrie takeover,then the losses would have been known to a certain extent at that point in time.Question is,were these escalating "cost overruns"made known to the investing public then?Bursa should come down hard on the Board,if this is proven.


Anonymous said...

Where were Sime Darby's Internal Auditors??Are they really qualified /experienced enough to handle the job?What is the External Auditors role here???...such a massive financial impact on the bottom-line,and not a word mentioned in the Annual Reports???...somebody in authority should question the External Auditors(and perhaps remove/change them to another more better accounting firm)???
If Sime Darby "suddenly" discovered the loss,then it's reporting system should be thrown into the there seems to be no Monthly Management/Progress Reports made to the Board....then,the Head of Finance/Accounts must be removed immediately!!!!


Anonymous said...

Cakap pasal ketelusan dan kerugian, itulah bezanya GLC dgn syarikat bukan Melayu. Cakaplah apapun, sampai bilapun GLC tidak akan maju kalau masalah kroni dan suku sakat membebani agensi dan syarikat kerajaan. Macamana Melayu nak maju kalau penyangak dok sapu aje!


Anonymous said...

The simple rule in biz applies to everyone big and small...stick to what you know best.
Three very profitable company merged to become one mega loser do you explain that.

Much likee SimeDarby ,Petronas decided to do biz in Health service much to their regret.
Petronas spent ONE billion on setting up the Prince Court Hospital equipped with the state of art equipments (as advised by Vienna base Mx comp)run at a loss of 100millions a year and happily continuing doing so.

The Comp has taken a roadshow all over the world inviting investors to view their 'success' in setting up high end hospital in Malaysia with all the cost in setting up the model hosp born by PETRONAS.
They managed to convince the new investors and now they are managing new hosp in Thailand and Middle East....
From my simpleton point of view PETRONAS has been taken for a ride!!

What are these two oil giants (Palm and crude)doing in this Medical Industry?

It doesnt matter if you are losing billion as long as it is not your money eh?

Go and dig this angle Pujangga!! Me
contactable at

Anonymous said...

Inilah kesan Sime Darby yang telah dengan rakus nya telah meratah warga GHope dan Guthrie......

Ini baru balasan di dunia,belum akhirat lagi.....