Tuesday, May 18, 2010

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.

3 comments:

flyer168 said...

Deminimis,

Put simply, it's not the professionalism that matters; for all the multi color books of khazanah.

Whats important is to be in the good books of the Taikos who nominated one in that position.

It is all about Power, Greed, Corrupt Practices, $$$, then "Digging a Bigger Hole" to coverup the last one, etc, etc, etc & finally who is the "Master Wheeler Dealer" to do the "Ultimate Magic" (Fox)...with the "Ambitious Thamby Guy" to do the "Biddings" & having to take the "Rap" (with or without his Gaji Buta!!!)...

The "Warnings" were all there since 2007, from all the Political, Finance & Economic News & Forums....

They cannot be all wrong, can they?

Sad to see the humble but successful Sime Darby from the 1910, Guthries, Golden Hope Plantations, etc run by the Colonial Estate managers, to the early local Estate managers doing what's best in their Forte for almost a Hundred years...

Getting "Hijacked, Abused, Corrupted & Destroyed" by the GREED of the Powers that be including their Cronies...within 5 years!!!

Same ole story...Ketuanan Jaguh Kampung Mentality & Attitude of Bolehland!

Just to share these with you...the "Warning Signs"...

rocky's bru: Zubir's "leave of absence"
13 May 2010 ... What, are Musa Hitam and Sime Darby CEO Zubir Pakatan card holding members? ... the top Management of Plcs and MNC's like Sime Darby will review actual ..... Then make huge 'blunders' that cause stock prices to fall (any ...
rockybru.com.my/2010/05/zubirs-leave-of-absence.html - Cached

Bakun Dam cost over-run hits RM1.7b « anilnetto.com
6 May 2010 ... The Sime Darby Management is aware of the difficulties and challenges besetting its Energy & Utilities Division, especially with regards to ...
anilnetto.com/.../bakun-cost-over-runs-govt-dishes-out-rm700m/ - Cached

Another sad story from Sime Darby Energy « The “thirteen million ...
- [ Translate this page ]
5 Mei 2010 ... Sime Darby's blunder is not a good example for PM Najib to woo ... not SD bread and butter' – after Sime Security management blunder and CEO ...
bigdogdotcom.wordpress.com/.../a-sad-story-for-sime-darby-energy/ - Cached

Sime Darby $800 million Contract: Another Form of Extortion in ...
17 Aug 2009 ... I am so greatful for the new of the Sime Darby Company comming to Liberia ... the political windows as kids stand-by and watch the reality. ...
newliberian.com/?p=1010 - Cached - Similar

Malaysia-Finance Blogspot: Why I Don't Like Sime Darby Now
30 Jun 2009 ... Sime Darby with the new management, and the merged entity as the biggest plantations company in the world, has stepped into a new era of ...
malaysiafinance.blogspot.com/.../why-i-dont-like-sime-darby-now.html - Cached - Similar

George Choo: Sime Darby Watch & Petronas and GLC Watch.
14 Jun 2009 ... I hope that Izzuddin will revive his blog SIME DARBY WATCH which have done a tremendous job in providing numerous information of happening ...
georgechooalloutformalaysia.blogspot.com/.../sime-darby-watch-petronas-and-glc-watch.html - Cached - Similar

260308 - SIME DARBY WATCH « Aarvidi's Weblog
SIME DARBY WATCH. March 26, 2008 – 12:14 pm; Posted in Rantau,Bradwall,Lim Sum,Temple Destroyed. As I promised one of my readers, I was down during the week ...
aarvidi.wordpress.com/2008/03/26/sime-darby-watch-2/ - Cached - Similar

180309 - Sime Darby Berhad - Conglomerates - Business - news
One of their most lucrative "cows", Sime Darby, has effectively terminated its contract, I was told. That contract, according to Sime Darby Watch, ...
www.wikio.com/business/conglomerates/sime_darby_berhad - Cached - Similar

Contd...Pt2

flyer168 said...

Part 2

Just to share these with you...the "Warning Signs"...

OutSyed The Box: Sime Darby Belanja Makan
1 Mar 2009 ... arr..are we, the public have to be satisfied now over the explanations done by Sime Darby top guns on media blunders made by Fox Media over ...
syedsoutsidethebox.blogspot.com/.../sime-darby-belanja-makan.html - Cached

160209 - Sime Darby denies Qatar cost overruns-paper | Reuters
A blog called Sime Darby Watch (simedarbywatch.blogspot.com/) reported that there had been cost overruns in the 2.1 billion ringgit project. ...
www.reuters.com/article/idUSKLR41095320090216 - Cached - Similar

Sime scandal? « The “thirteen million plus Ringgit” guy rambles….
5 Feb 2009 ... This is the second major blunder SDE is facing, with regards to ... This was a decisive move, especially after a lot of Sime Darby's ... Why Ahmad Zubir only the fall guy….the whole Energy & Utility management should be ...
bigdogdotcom.wordpress.com/2009/02/05/sime-scandal/ - Cached - Similar
Show more results from bigdogdotcom.wordpress.com

“Sime Darby's 5 big lies in a year” « Wee Choo Keong
29 Jan 2009 ... The blog Sime Darby Watch is pre-eminent when it comes to news related to Sime Darby. Here is its expose, by installments, of the GLC's 5 ...
weechookeong.wordpress.com/.../sime-darbys-5-big-lies-in-a-year/ - Cached - Similar

Who’s behind Sime Darby? « anilnetto.com
24 Dec 2008 ... Of late Sime Darby has been very much in the news with its proposed .... but you watch my word; the deal will go through at a later date. ...
anilnetto.com/environmentclimate.../whos-behind-sime-darby/ - Cached - Similar

rocky's bru: Sime Darby blocks blog
18 Dec 2008 ... We all know that Sime Darby Watch has been a massive pain in Sime Darby's arse. .... not only they block sime watch, but also gmail, ...
rockybru.com.my/2008/12/sime-darby-blocks-blog.html - Cached - Similar

Palm oil no longer sustainable for Malaysians, unless they burn it!
Posted on December 16th, 2008 by Green Assembly
KUALA LUMPUR ~ Malaysian power producers will soon start burning palm oil instead of coal following the collapse of palm oil prices on the international market.
Under a plan announced last week by the country’s Plantation Industries and Commodities minister Peter Chin, the Malaysian government also aims to ensure that palm biodiesel is available at every [...]
Filed under: Malaysia, palm oil |

MY Blog » Sime Darby's selective prosecution
15 Jun 2008 ... I used to work with them and I personally agreed some comments in Sime Darby Watch Blog that only Azmir Yahya was directly involve and ...
www.malaysia-kini.com/.../sime-darbys-selective-prosecution/ - Cached - Similar

rocky's bru: Golden Hope-cleansing in Sime Darby?
12 Jun 2008 ... The Sime Darby Watch blog owner is an idiotic ex Guthrie Manager and a weirdo ...i was told,the bloggers there i was told most of them are ...
rockybru.com.my/.../golden-hope-cleansing-in-sime-darby.html - Cached - Similar

TranungKite Online v7.0 - Sime Darby Watch
Re: Sime Darby Watch (Score: 1) by buragass on Monday, April 07 @ 10:57:51 PDT (User Info | Send a Message). Dulunya MB Selangor.. Tan Sri Khalid.... dia ni ...
www.tranungkite.net/v7/modules.php?name=News... - Cached - Similar

042007 - TranungKite Online v7.0 - Sime Darby Watch
Sime Darby Watch Tarikh : Monday, April 07 @ 08:12:08 PDT Topik : Aduan @ Laporan. Masih kah anda ingat akan Synergy Drive (SD), yang mana merupakan satu ...
www.tranungkite.net/v7/modules.php?name=News... - Cached - Similar

You be the judge...

Cheers.

flyer168 said...

Deminimis,

Just to share this ...

The Bakun Undersea Cables.
Friday, 21 May 2010
http://sakmongkol.blogspot.com/

"....When Lim Guan Eng captured Penang, the BN government under the KPI minister was shown the exit. But remember during his time, there were plans to build a Penang Global city. The idea to build the city was put by one Patrick Badawi Lim in partnership with, hear this one Kamaludin Abdullah Badawi.

The project together with Koh Tsu Koon were shown the door. What to do? Semua orang kampong sudah tahu ma…? A lot of money had been spent. Each time Koh Tsu Koon while the CM, assured Pak Lah that the project has been approved. But in reality, that project was never brought before the Penang exco.

In an arrangement akin to I scratch my back you scratch my balls genre...." more...

Cheers.