Sime’s worms are coming out of the woodwork

 As the worms come out of the woodwork (they must surely come out), the Sime Board of directors and those people responsible for the financial debacle at Sime- even though they came from one segment of the conglomerate, must have wished they had learnt something from Saiful BUkhari. Yes folks, that Saiful Bukhari who is the star witness and victim in the ongoing court battle of Anwar Ibrahim.

What can they learn from this 'jambu' guy? They could have learnt a few pointers from Saiful in the art and science (?) of CYA- Cover Your Ass. This is probably what the main preoccupation of many people  is in the Sime Group nowadays. Put it all on the head of Zubir- the private jet travelling CEO who out-travels the PM on a private luxury jet.

By why should Zubir be the only fall guy? What about the work committee formed in 2008 or 2009 that went out to work and is probably negligent or is spineless to raise the alarm and do something. I know why; it's not your bloody money. It's the fucking public money.

It is highly preposterous and ludicrous to even harbour the thought, that one person like Zubir can oversee the running of the 4 money guzzling projects and override the board of directors at the same time. What does the board do when the CEO comes asking to commit more funds? Listen to Musa Hitam's long winding and nebulous speeches?

Zubir- he must be a Hercules. I find it distasteful, after any debacle, to announce to the public at large, that "we have had a work committee comprising of people of public standing to investigate" Investigate what? Titles don't mean anything if it's even suggested that, the presence of public luminaries even of exalted status, is assuring. We have lost a lot of money.

Here we have a GLC whose core competency is oil palm/plantations. It got ambitious and wanted to do many things. The plantation business especially oil palm is an industry that even a blind person can do. The price of the product guarantees profit unless you really botch it up or you are an imbecile. Look at any plantation group or companies dealing with palm oil- they are making money. The money is  so good for example that Pahang government does not allow private entrepreneurs to open up new plantations. It's reserved for GLCs. So if any Pahang GLC can prosper and make reasonable profits on plantations, Sime's achievements in this industry are nothing to shout about. And you know that if it's reserved for a GLC and you further know the quality of the management at GLCs, then you know, it's a no brainer enterprise.

But the people in Sime don't believe in their fallibility. They made tons of money in plantations. They must be invincible. Managers extraordinaire. Zubir travels in Sime's Jet stream probably believing him to be the Malaysian Jack Welsh. Buoyed by the plantation success, they thought they could go out into other non-core competency areas.

The revelation that Sime Group had appointed a working group way back in 2008 or 2009(now we aren't sure when the group was formed) suggests that the people at Sime are already adopting the CYA strategies. The Board on the other hand is engaging in a badminton game- feverishly returning volleys preventing the shuttlecock from landing in their side of the court. Well, this year, Malaysia lost disappointingly. Musa Hitam, the chairman of Sime, appointed there by his long time protégé, Pak Lah, is an accomplished tai-chi master. Jangan tai chi sana sini lah Tun Musa- resign sahaja.

Where did the Sime Losses come from? They came from the Bakun Dam Project( 450 million), the Maersk Oil Qatar(MoQ) project (159 milion), the building of tankers for the MOQ project( 155Million). The projects were namely, the Bulhanine and Maydan Mahzam project with Qatar Petroleum (QP Project); the Maersk Oil Qatar project (MOQ Project); a project concerning the construction of vessels for use in the MOQ Project (marine project) and the Bakun hydroelectric dam project. The QP Project, awarded in April 2006 and due for completion in August 2008, encountered delays and cost overruns resulting in losses exceeding RM500 million which has already been accounted for. The division was currently in negotiations with the client on the QP Project on claims for the cost overruns, the statement added.

The cost overruns were discovered by a board work group formed in October 2009 to "assess the corporate governance and performance" of Sime Darby's energy and utilities division.

If these made the losses, why aren't the CEO of Sime's utilities and energy divisions being hailed up and strung by their balls?

The taskforce members consist of Datuk Seri Panglima Andrew Sheng, who is also a member of the National Economic Advisory Council, Tan Sri Wan Mohd Zahid Mohd Noordin and Datin Paduka Zaitoon Othman.

Does the presence of these names lessen the sting of this financial debacle? This work group should be hauled up to answer as to why, after their assessment, if losses were already detected , no actions were taken? We are no longer going to be impressed with big names sitting on their pretty asses producing nothing but a lot of hot air in the form of palliatives and other sugar coated noises.

Off with their heads!.