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Sakmongkol ak 47

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Sunday, 16 May 2010

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!.

20 comments:

Anonymous,  16 May 2010 at 11:57  

Well written Dato ceo in a gulf stream ini memang gaya ada otak takde,sori otak korup ada.

Anonymous,  16 May 2010 at 12:11  

I think you said it right. It is Slime Darby.

Wenger J Khairy 16 May 2010 at 12:19  

Dato',
Dont want to sound rude but can we surmise that after trillions spent on education, Malaysians competitive advantage is in planting trees and nothing else.

Anonymous,  16 May 2010 at 13:03  

NIce one yet again
Someone has to tell the rakyat and the Ketua kerajaan Rakyat that this fiasco shouldnt be swept under the carpet.
Niether Tom, Dick Nor Harry can talk to UMNO/BN.So take the lead my dearest Dato.Talk some sense to them.If they refuse, do suggest them to see a shrink!

ghanisidik 16 May 2010 at 15:55  

Nicely worded Dato. When Synergy Drive was conceptualize/mooted, my first thought was that,” What a precarious move by Najib” To put most of PNB (=Bumiputra) fund into a basket is a stupid move.All you need is an SOB to bring down the Bumiputra equity down. Perhaps in SD case, a whole group of SOBs. But then, Nazir Razak is helming CIMB Group. The elder Razak son is helming the government. Of course, with a few thousands in ASB,we are allowed only to bark harmlessly. They did nothing but created a bigger SD, albeit a very fragile one.
Najib should undo the whole process again like what you proposed. And please, not through Nazir Razak again.

donplaypuks® 16 May 2010 at 16:54  

Bro

What's amzing is that they formed a committee in true 'Yes Minister' fashion to investigate these (mis)investments more than a year ago and only now are they taking action after booking losses of over $2 billion!!

As we all know a camel is a horse invented by a committee! And also in true 'Yes, Minister' style, the purpose of a committee is not to find out the truth or expose the perpertrators of misdeeds, but to delay and obfuscate until people forget!!

The decision to ask CEO Zubir to go on 'gardening leave' cannot be faulted since the buck stops there.

But SD also has a Chairman, Musa Hitam, a so-called non-executive non-intefering (by all accounts he is most interfering) director; in M'sian GLC's they are usually not. It's time for him to go as well without any golden shakes given losses of over RM 2 billion and the earlier mega forex losses at a Sime's Palm Oil subsidiary.

More than that, as is very common in M'sian Plc's, non-executive directors are appointed more often than not on the recommendations of the CEO/MD who is also usually from the party who owns controlling shareholding interests in the Plc.

Thus independent exec and non-exec Plc directors are beholden to the controlling shareholders and it will be a cold day in hell when one of them opposes the Chairman's or CEO's bull-dozing proposals!!

The time is therefore mete for Khazanah and PNB to stop packing these GLC's with their 'yes sir, no sir, three bags full sir' nominees.

They should get truly qualified AND experienced management by opening up the opportunites to ALL M'sians and even consider employing proven foreign CEO's,

dpp
we are all of 1 race, the Human Race

PH Chin 16 May 2010 at 18:34  

Dato,

Another excellent article !

Another case of 'Harap pagar, pagar makan padi,

Just wonder how many houses can be built for the 'rakyat' in rural Sibu with the 1 billion ringgit ?

Anonymous,  16 May 2010 at 18:35  

Dato'

You said:
Listen to Musa Hitam's long winding and nebulous speeches?

Musa Hitam thinks he is still in Politics....
A political Animal Cannot Change unless he himself has been a businessman prior to politics or is an accountant or banker...

Still his weaving and winding doesn't hide the fact that he is fully aware of what has been going on and was party to the efforts to solve the problem by trying to take over IJN and other Cash Cows in order to Cover the Gaping Hole.




Joe Black

Hansac 16 May 2010 at 19:07  

"It's the fucking public money."

Sorry Dato but I believe Islam is wasted on the Malays. Islam punya work ethic rivals that of the Methodists/Lutherans if not better, tapi in practice Malays are the most corrupt people there is.

Kalau Islam yang betul-betul mengamalkan Islam, pasti jaga betul-betul amanah sebab ini duit rakyat, hak rakyat.

PANJI HITAM 61 16 May 2010 at 19:10  

"This work group should be hauled up to answer as to why, after their assessment, if losses were already detected , no actions were taken? "

Sack the BOD or more pekung will surface !

Actually, all these GLC screw ups started when the vadey eating minister tried to change his menu to nasi lemak!

synergy drive,  16 May 2010 at 19:31  

What about the COO dato?isnt he responsible too?Playing too much apple polishing PNB top brass and put the blame only to Zubir?

kuldeep 16 May 2010 at 21:58  

Are the three ppl in the Board Workgroup Comm engineers or with a technical/contract background?
Can a engineer decide on the performance of lawyers?

This is where M'sia hv failed and will continue to do so.Plumbers are overseeing electrical works.

Didn't MAS lose more billions on the fuel hedge?

Anonymous,  16 May 2010 at 22:35  

Looking at the members of the committee, it tickles me. What the hell are this people good at other then, raise hands in good spirit so that the looters can carry on Gerry meandering the funds for their's and their great great grand children's usage on the public's account. But be forewarned, all income derived by these crooks is HARAM. Let them and their cronies enjoy it while they can coz Allah's watching them.
Yeah, talking about the members of these so called committee, they are no professionals, so they won't know what they are looking at. May Allah bless Malaysia.

Anonymous,  16 May 2010 at 23:33  

Jetting about in a Gulf Stream ? Really. Tun Tun would roll in his grave.

Anonymous,  16 May 2010 at 23:53  

Salam Dato',

Satu demi satu malapetaka yg melibatkan kerugian berbillion ringgit terbongkar akhir-akhir ini.Bermula dengan skandal PKFZ,diikuti pula dengan penyerahan dua kawasan telaga minyak kepada Kerajaan Brunei, dan terkini ialah kerugian yg melanda syarikat Sime Darby.Semuanya ini berpunca daripada keputusan dan tindakan yg dibuat dalam masa pentadbiran PM Flip-Flop.Oleh itu beliau turut bertanggungjawab secara tidak langsong keatas segala kerugian ya dialami oleh Kerajaan sekarang.Setidak tidaknya beliau patut berasa kesal dan bersalah dalam hal ini.

Musibah dan kerugian yg melanda Sime Darby ini amat memalu dan mendukacitakn.Memalukan kerana ianya berpunca daripada keputusan dasar yg amat tidak bijak kerana mengambongkan tiga syarikat yg tersendirinya cukup berdaya maju dan telah banyak membuat untung,menjadikan syarikat itu terlalu besar sehingga sukar diurus dan dikawal dengan berkesan oleh CEO yg tidak cukup berkaliber dan berpengalaman.Dan tidak pula dipantau secara efektif oleh Pengerusi dan ahli-ahli BODnya.Mendukacitakan kerana kerugian itu melibatkan wang rakyat dan mungkin ianya akan menjejaskan pendapatan pemegang-pemegang saham PNB tahun ini.

Oleh kerana Pengerusi dan seluroh ahli BOD ada peranan dan tanggungjawab didalam penyeliaan dan pemantauan terhadap perjalanan dan pentadbiran syarikat itu,mereka juga sepatutnya,dengan sukarela meletak jawatan.Jika mereka tidak bertindak demikian sudah tentunya mereka itu akan dikira sebagai orang yg tidak bermaruah,tidak ada harga diri,integriti dan tidak berperinsip.Mereka akan hilang kredebiliti dan status sebagai gentlemen.

Walau apapun,satu penyiasatan yg rapi dan menyuluroh perlu dilakukan,dan tindakan yg tegas dan drastik perlu diambil terhadap mereka yg bertanggungjawab secara langsung keatas kerugian ini,lebih-lebih lagi keatas mereka yg melakukan penyelewengan,jika ada.

Askkar Tua

Anonymous,  17 May 2010 at 00:06  

Just wind down the bloody company and give back whatever is left to the many amanah saham holders. Put the Chairman and BOD on the gulf stream jet pointing upwards with the elevator jammed so the plane will never come down. I don't think the shit has hit the fan yet. These are the kind of things that made what happen in Sibu today possible. People are just so fed up that no money inducement will guarantee to work.

Anonymous,  17 May 2010 at 01:54  

What a week !

Flagship Sime Darby finally got screwed.

Just lost the Thomas Cup.

And now bid adios to Sibu.

Next...

flyer168 17 May 2010 at 03:34  

Dato',

Regular commenter Kuldeep had a point in your earlier posting...

"Simply..its not professionalism that matters; for all the multi color books of khazanah. Wats important is to be in the good books of one."

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 17 May 2010 at 03:38  

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.

Anonymous,  17 May 2010 at 09:57  

We should have more blog or whistleblower like simedarbywatch... this is a living proof that it can make a difference. The only thing is, Sime Managment took so long to realize it. They could prevent more losses it they do not denied it, and work in solving the problems..

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