Sunday, October 12, 2008

Another scandal at Sime?

RM80 mil and growing. The old Sime Darby, which had been around for more than a century, had its share of financial scandals, including the RM400 million Sime Bank fiasco just a decade or so ago. You'd expect the new Sime Darby, therefore, to avoid making the same mistakes. No so, it seems. According to the latest posting h e r e on Sime Darby Watch, the product of the world's largest plantation mergers is sitting uncomfotably on an RM80 million oil palm trading losses.

Eighty million ringgit may not be much by a transnational corporation's standard, but we do remember how Sime Darby group CEO Ahmad Zubir Murshid had to "sack" four senior execs in June, h e r e, over trading losses amounting to some RM120 million.

So, whose head will roll this time, Zubir?

p.s. I await Sime Darby spokesman Brendan Pereira's statement on this.

12 comments:

Anonymous said...

Brendan Pereira, the short guy, brother in law of Robert Lazar(of the VK Lingam case). What cn he say? Dont you know Sime dont want him anymore... fox media has been outfoxed. By the way,is it true that Lionel Morais (also related to Lasar) and Brendan are related, thus instrumental in him getting the job as chief news editor. Lionel, lives an expensive life style now, is a very good crime editor and reporter, but he is no CNE material. Lionel, did too much reporting on crime, turn you into a criminal? or was it always in you.... I hear you trying to make yourway back to the press club, for some TESTICLE licking sessions.

Anonymous said...

I folloe the Sime Darby blog quite closely; I must say if these were ALL that happens in SD, it'd be a waste to work there.

Truth is I think the blog has little credibility; instead of being a "watchdog", all it is is a grief channel. Little is done to look at anything objectively.

In one case, the entry about the misdeeds of a certain Comms head was mis-reported.

I'd be wary, Rocks.

FSD2008

Anonymous said...

That Malaysia Inc for you Rocky!...This is going on everywhere in the GLCs.

Have we forgotten the RM 200 million loss by TNB in TNB Coal International, Indonesia courtesy of the bumbling fools by the name of Khalib and his advisor Zaid("the saviour of Malaysia" Ibrahim.

No one will be responsible. Because you are part of the gang. If you refuse to be one, you will be eliminated on the flimsiet of reasons.

Thanks to our heroic bloggers, this scandals will continue to be highlighted.

Agent for Change

Anonymous said...

Rocky,
The 'reformed' NST reported an interesting news about claims that nominations at the Gelang Patah UMNO Youth were rigged. 70 percent voted Mukriz but KJ was announced as the winner! How could that be? Maybe you want to write something on this!

HGJ

antubiul said...

Let me tell u something.A safe haven for Export and Import deals are by an instrument so called 'Documentary Credit'.A valuable document that guaranteed payment when exporte send export document to the importer bank provided all documents complied with the DC condition. Now. how on earth SIme DARDY a well respected congrolemate (On paper only la, they are so stupid to venture into Banking whereby that is not their areas of expertise and they are only expert in making big stupid losses and swept it under the carpet while struggling to find ways to cover the loses.It Seems Mayban is joining them to create a 'blunder group').If it true 80mil has lost from Sime coffers, then these people must be born out of the wild and should let real monkeys run the company. At least if it made losses of 1bil or more we are not worried since it a monkey business. If its new market for them or a new customer these SIme people would know of the risk involved. Without DC no export simple as that.Anyway what 80mil compare to 400 mil. We used to it right. Hpe thies 80mil is just another 1001 night tales

Anonymous said...

Bad news is good news,,,Biar lingkop all the so called Giant Company in Malaysia,,,!!!

Kalu lah PM/DPM all corrupted,,ta'kan kita ta'leh follow our leader,,!!?????

At least esok when the finiancial crisis hits Malaysia,,bole bagi alasan,,tempias world economy,,,!!

Dah cakap dah,,,Selagi "BAPA SIAL" lagi memerintah,,lagi banyak scandal akan keluar,,,!!!!???


-BODO2_

Anonymous said...

The only way Rakyat basic needs can be fulfilled, this country will be saved is when the opposition take over the parliment. Becos' of extreme corruption in all level of gomen, the funding suppose to be channeled to do good for Rakyat become "kosong". That's why Rakyat denied them 2/3 majority. The truth is actually there are no race and religion issues in this country, the corrupted politicians manipulate to make themselves filthy rich. So what can Rakyat do ???

ATB2 said...

HJG

the 70% is for KHIR, not Mukriz

http://www.nst.com.my/Current_News/NST/Sunday/National/2373014/Article

Bloggerooi said...

Trading losses is noting new in companies dealing with commodities such as cruel oil and palm oil due to market volatility. What is important is that whether the losses incurred is due to negligence of the companies, wrong speculations or merely due to volatility of the commodity prices. Even the best analyst also can not correctly predict the price trend of commodities all the time. When the government revised the petrol price at pump gate by 40% a few months ago when the cruel oil was at the historical high of USD 147 a barrel, who could have predicted that cruel oil would drop to below USD 80 a barrel? If everytime heads must roll if there are trading losses, who do you think can last long enough in a company?

Anonymous said...

well we can sack dato zubir because he close to current leader. Even we sack khazanah boss, a man that appoint his own company as advisior

zamri bandar sunway

Anonymous said...

Your Beloved Datuk Seri Anwar predicted that the oil will go down to USD80 per barrel.

Back at ya Bloggerooi

Muahaha

mut said...

When Sime Darby is mentioned, I always think of the so-called merger.

How much did Nazir and gang from CIMB make out of it?