Sime Energy Redux

I just discovered that contrary to my earlier post on the Sime Energy debacle which was premised, in part, on the assumption that the working group was formed way back in 2008, the working group was actually formed in October 2009. So, it took nearly 8 months between the formation of the working group to Sime's recent action to remove the CEO.

One question that needs to be asked (and, I'm being rhetorical) is why Zubir, as CEO, was not able to deal with the debacle as a corporate leader with full executive powers would have had to. Instead, the Sime board had to form a working group to deal with the matter.

Obviously the Sime board had formed the view that the CEO had failed to manage the matter, leading to his removal.

Was the Sime board misled by senior executives to lull them to a sense of complacency on this issue between 2008 to the time when the working group was formed?

If the answer is in the affirmative, then, the perpetrators should be brought to book as soon as possible.

Anything less would not be satisfactory to investors and stakeholders.

And, I should add that given the great complexity of the Sime Energy debacle and, the high possibility of cover-ups by the perpetrators and, worse still, destruction of evidence, the present Sime board led by Tun Musa Hitam should be urged and pressured to hasten the investigation process so that the necessary legal proceedings are put in motion on an urgent basis.

This is the priority. Whatever the Sime board, as presently constituted, does after the legal proceedings are put in motion and successfully prosecuted is another matter.

The Sime board should rise to the occasion at this critical juncture and act fast before the trail of corporate abuse goes stale and the culprits are allowed to go away scot-free.

In this manner, Sime's board will be demonstrating to all investors and stakeholders that the Sime Group stands for good corporate governance.

As the saying goes, it is better to be late than never.