Sime Darby Berhad has informed Bursa Malaysia that it does not intend to make public the forensic audit report on losses incurred by the group, which now runs into billions of ringgit.
In a filing to the bourse last night, Sime Darby admitted "possibilites of breaches of duties and obligations, and inappropriate conduct on a prima facie basis."
Here's the full Bernama report:
KUALA LUMPUR, Sept 20 (Bernama) -- Forensic and legal consultants have completed investigations into Sime Darby Bhd's projects in the energy and utilities division and submitted reports today to the conglomerate's board.
Four key projects being investigated are the Bulhanine and Maydan Mahzam project with Qatar Petroleum, the Maersk Oil Qatar project, the Bakun hydroelectric dam and the Marine Project.
In a filing to Bursa Malaysia today, Sime Darby said the investigations revealed possibilites of breaches of duties and obligations, and inappropriate conduct on a prima facie basis.
It said the board had resolved to initiate legal proceedings and had lodged reports with the relevant authorities.
The board has been advised to keep details of the report confidential and nature of such proceedings so as not to adversely affect the interest of the group.
On May 27, Sime Darby's energy and utilities division reported an operating loss of RM1,019 million for the first nine months ended March 31, 2010.
This was after recording provisions for the oil and gas and engineering sub-segments which amounted to RM964 million that was announced on May 13.
-- BERNAMA
I find it utterly ridiculous that Sime Darby has saw it fit not to reveal the findings to its shareholders. Sime Darby is a GLC and it is dealing with public funds.
I hope Sime Darby's shareholders attending the company's AGM on Nov 16, will demand that the report is made public.
7 comments:
Then, there is only one thing to do - the entire Sime Darby Board, with the exception of Dato' Mohd Bakke who only recently took over as Group CEO - must resign.
Yes, I'm totally agree with the anonymous above. Tun Musa Hitam and his board members should resign.
Tebal betul kulit Tun Musang Hitam....
Me 4! It is Bakke's show what? so what the heck of others ... wahhh ramai betul yang keluar terjun ikut tingkap sekarang bro ashraf, tak tunggu kontrak habis pun.
Dia orang ni saja nak bagi kunun-kununnya susah kat Dato' Bakke tu....haprak punya orang. Bila susah,macam nilah nak selamatkan anak tekak masing-masing. To Dato' Bakke, all the best! biaq pi dengan musang2 and anak2 musang ni semua, habis semua telur ayam depa sebat bila susah, tak hingat orang bawah.
Surat terbuka untuk Dato' Bakke - kami yang tinggal sedia berjuang bersama Dato untuk masa depan syarikat ini. Tak kiralah apa namanya, yang lepas tu kita tinggal belakang, sekarang dato' kita bergerak terus ke depan. musang2 tu semua kita deal cara professional, jangan depa ingat depa boleh lepas. forensik sosilawati yang tinggal tulang pun boleh dibuktikan inikan pulak yang muka tak malu masuk paper nak beritahu dunia "bukan salahku!!!!". Tak gentleman langsung, hipokrit terlebih. bak kata orang ex-sime sendiri, inilah akibat dari perbuatan musang2 ni dolu2. ada kome dengar apa-apa bunyi lepas dato' sabri keluar itu hari? berdecit pun idak! orang2 tepi dia je yang naik hangin. dato' sabri steady je bro...kan, kan? inilah bezanya orang yang kerja hanya pakai otak geliga kunun tapi tolak igama mentah-mentah. last last buang karen je dapat gaji tapi tak datang kerja ish ish ishhhhh.
akhir sekali Dato' Bakke, teruskan perjuangan, tetapkan iman dan kekalkan identiti. tak kiralah team siapa pun, janji dato' letak yang esa sebagai tunggak. tanggungjawab kita sekarang memulihkan syarikat yang dikencing musang2 berbulu shittt ayam katek serama....daah daah lah tu....drama korang daah tammat.aku doakan korang balik lah ke pangkal jalan, kalau tak sempat nak register pi haji tahun ni, buat2lah umrah dengan duit bonus korang tu, supaya berkattttt. eh? boleh dapat bonus ke korang ni? HAHAHAHAHAHAHA.... korang yang buat undang2 kan.....to ZZ the zorro unmasked, jangan terlepas pandang pulak pokcik.....duit dah masuk dalam bank pun pokcik boleh tarik keluaq takkan lah musang2 barai ni sonang2 leh dapat bonus pulak!INI TIDAK ADIL. Dato' Bakke tolong tengok2 sikit...
The Return of Jedi.......
Datuk Bakke.. tolong check sikit, itu satu orang jaga Indonesia tu maksum betul lah!! dok dengaq macam2 jadi kat Indon tu tapi awat oghang bawah jugak yang asik kena? yang kat ataih tu tak dak oghang nak tulung siasat aih!!!
Go check their office in Jakarta ..... Musa punya idea
I am very displeased at the attitude of the Chairman who indirectly blames the management team for wrong presentation sort of to members of the Board on all those businesses that has suffered cost overruns into billions.
That is why the Board was formed supposedly to be made up of people who knows what they are doing and can detect such mistakes.
The thing I am most furious about is again the Synergy Drive and the merger which is now not mentioned at all because instead of reenforcing the Company's position it is now going backwards in every thing.The share holders will fall out of their chair when they next read about the botched Sarawak land deal,the smelly helicopter purchase deal and details of millions gone to ashes on the Groundwater projects and the padi projects which now is not moving anywhere and millins is lost into this.Sad..sad...and yet the top guns have got the cheek to sit up the high table and stare at us as if nothing ha happened.
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