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.
Sunday, October 12, 2008
Another scandal at Sime?
At 11:10 am