Sime to file civil action suit
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Sime to file civil action suit

Shah Alam : Malaysia | Nov 16, 2010 at 10:12 AM PST
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Sime Darby losses: Civil suit by December

Sime Darby Bhd will be filing a civil action suit by year-end with regards to cost overruns on its energy and utilities division following an internal investigation.

"There has been a lot of interest and even more speculation with respect to the investigations that the company has been conducting into the losses at our energy and utilities division," chairman Tun Musa Hitam said in a statement.

He said for legal reasons, Sime Darby could not table the findings of the forensic audit at the AGM and neither could the company reveal the findings.

The final report of the external consultants was submitted to the committee on Sept 14 and was considered by the board on Sept 20.

"It is my duty to inform you that the committee's and consultants' reports have been handed to the Securities Commission (SC) and a report has been lodged with the Malaysian Anti Corruption Committee (MACC)," Musa said.

These two bodies have informed Sime Darby that they were conducting further investigations.

Musa said Sime Darby would commence its legal proceedings by year-end and its advisors have identified individuals with prima facie culpability in the forensic report.

"We will have to leave it to the SC and MACC to take this further."

Sime Darby has engaged the services of a senior counsel, who is currently preparing the civil actions to be filed.

Meanwhile, more than 2,000 shareholders were estimated to have turned up at the AGM today.

Some eager shareholders arrived as early as 8am for the AGM that started at 10.30am.

The AGM was still ongoing although more than two hours have passed although the numbers of shareholders have dwindled.

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Sime Darby is the world's largest listed plantation company
Sime Darby is the world's largest listed plantation company
asdqwer1989 is based in Shah Alam, Selangor, Malaysia, and is a Stringer for Allvoices.
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    Sime Darby will initiate legal proceedings by year-end to recover the RM2.1bil losses it suffered due to mismanagement and wrongdoing at its energy and utilities (E&U) division. The conglomerate has identified individuals involved in the scandal, but...

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