Sime: MACC also wants to get into the act
May 20, 2010
MACC wants to get into the act on Sime
by Mustafa Kamil (http://www.btimes.com.my)
MACC Deputy Commissioner Datuk Mohd Shukri Abdull said the commission will let Sime Darby complete its internal investigations first. Sime Darby is a government-linked company.
“If Sime Darby doesn’t have the experience on how to pinpoint corruption, they can ask for MACC’s help,” he said yesterday. Sime Darby recently confirmed the market’s worst fears when it announced that it would have to book in massive losses suffered in projects in the Middle East as well as the Bakun Hydroelectric dam project in Sarawak.
MACC will open an investigation file into the financial affairs of conglomerate Sime Darby Bhd if any element of corruption is suspected in its massive losses.
It is expected to book in close to RM1 billion losses in its third quarter results, which are expected to be released on May 27.
In announcing the losses last week, Sime Darby also ordered its group chief executive (CEO) Datuk Seri Ahmad Zubir Murshid to take a leave of absence. It has appointed Datuk Azhar Abdul Hamid as acting Group CEO for the interim period, while the government has assured transparency in any investigations conducted on the company.
Meanwhile, sources said that an internal probe started some eight months ago had extended its scope of investigations into determining the real extent of the losses and whether they came about from anything beyond just making bad investment calls.
While losses identified so far came from its energy and utilities division, the sources did not discount the possibility that the probe may also look into other divisions in the group and, possibly, other projects.
On Bursa Malaysia yesterday the Sime Darby stock shed another 8 sen to close at RM8.18. The stock was trading at RM8.65 when the company called for it to be suspended prior to last week’s announcement of the losses.
Hey MACC, what about the RM24 million Balinese mansion in Shah Alam? Sudah lupa kah? How can you ever regain public trust if you have such poor memory?
Sentinel - May 20, 2010 at 2:42 pm
MACC is trying to do many things and in the end, it ends up doing nothing. Dato Abu Kassim should recognise MACC’s limitations.
Ministers, Mentri Besars and politicians are generally exempt from persecution. Yes, sentinel, the Khir Toyol seems to have special immunity from the MACC. When asked to investigate Tun Dr. Mahathir over the Lingam Video clip, MACC officers went to have tea with him; what a joke? Samy Velu too was purified by the MACC (then ACA) over Telecom shares which were intended for Maika Holdings.
In the case of Sime Darby, the Board should appoint a group of top flight accounting firms with clear terms of reference to do an investigative audit with a view to producing a comprehensive long form report with recommendations about its management structure, internal controls, and risk management system including a review of its business portfolio. –Din Merican
dinobeano - May 20, 2010 at 3:22 pm
Yes Din, Sime Darby should appoint a professional external concultant like McKinsey or Chicago Business School to not only investigate but to help it chart its course and correct all its weaknesses. Don’t even bother with MACC coz it will only politicize a business entity which should remain so. I can’t imagine MACC classify themself as specialists in investigations with the likes of Kevin Morais in their midst…
Sentinel - May 20, 2010 at 3:35 pm
What a joke, “wait for internal investigation to be completed first?”
sam - May 20, 2010 at 3:35 pm
MACC is an empty vessel. I don’t think it has the expertise and brain power to conduct an investigations of such magnitude especially involving a company as huge as Sime Darby.
All they can do is to go after the opposition law makers for sums below RM 2,000.
When BN is concerned it see, hears and speaks no evil.
Shukri, go fly kite!
Sam01 - May 20, 2010 at 3:46 pm
Can someone request the MACC to throw Sime Darby Chairman , Musa Hitam out of SB Headquarters and to do it the appropriate way , which is from the building’s windows!!?
Danildaud - May 20, 2010 at 3:53 pm
what can we say, they will always say this is malusia inn making
Chandra deven - May 20, 2010 at 4:08 pm
We may not have any more statesmans soon but only politians, who only are interested in elections, but now even worse, they are being tested in their own buy election. First football betting licence (Sibu) with a blink done and given, next Slime derby for the next buy election.
Chandra deven - May 20, 2010 at 4:24 pm
Somebody must report the “loss” then maybe MACC will act. They are like the Polis, closing their eyes to criminal activities and when they see some frighten youth driving away give chase with their guns blazing.
If the polis see no crime then it is is not counted and their KRA rated excellent. Similarly maybe MACC cannot see any possibility of wrongdoing in Sime.
AcHoo! - May 20, 2010 at 5:37 pm
MACC has and is helmed by clowns . And clowns should be in the circus and not in public service.
rubiah lubis - May 20, 2010 at 7:14 pm
What can MACC do in the Sime Darby case. Maybe throw a few people out of the window.
k c low - May 20, 2010 at 10:35 pm
Sime Darby issue can take a back seat for now, and Musa’s resignation as well. Tell us about the Memali incident first. Tell us the truth whilst he was DPM/Acting PM.
baharuddin - May 20, 2010 at 10:42 pm
When MACC add one and one will they get two or three?
MACC doesn’t even have an investigator that is an expert in corporate governance let alone reading balannce shit sheet I mean. MACC should first complete the investigations that it already have in its books. Don’t chew too much or more than you can handle. Looks at the PKFZ, Toyol’s case and MAS, and many many more. Always no case. So when will there be a case for prosecution?
semper fi - May 20, 2010 at 11:46 pm