Sunday, November 30, 2008

Sime man faces Sessions Court charge


Sime Darby of the world's-largest-plantation-merger fame, which expects profits for the year to tumble 46 per cent, will make the wrong kind of headlines tomorrow when its Human Resources boss Ishak Abdul Hamid appears at the KL Sessions Court tomorrow (Monday, Dec 1) over the controversial sacking of Group Financial Officer Razidan Ghazalli and Golden Jomalina's General Manager Muhammad Mohan Kittu Abdullah.

Also charged for a similar offence is KPMG Corporate Services Sdn Bhd executive director Tan Kim Chuan. KPMG carried out a forensic audit on the purported RM120 million trading losses incurred by Golden Hope Plantations Berhad.

Both Razidan and Muhammad Mohan were sacked for alleged “failure to discharge their functions to the standard of care that were reasonably expected of them”, resulting in the RM120 million. Three others - former Golden Hope's Group Chief Executive of Golden Hope Dato' Sabri Ahmad, former Director of Oils and Fats Dr Anhar Suki and General Manager of Commodities Trading and Marketing Azmir Yahya were forced to resign immediately.

Ishak could go to jail for 3 years if found guilty but the charge has brought about fresh questions on the sacking of the two senior execs and the circumstances under which the others had to quit.

Click here for more.

5 comments:

Anonymous said...

Write and ride on this bro....
MATHS with RM4,000 Salary....

If your monthly EPF contribution is 11% ( RM440 ), taxable income =
RM3560, income tax payable = RM77.

- If your monthly EPF contribution is 8% ( RM320 ), taxable income
= RM3680, income tax payable = RM109.



Conclusion : If you choose to contribute 8%, you will end up paying
more income tax to the government, GO FIGURE.....

Anonymous said...

3 persons were involved in the RM120 million.

Badrul, the so-called "rouge trader" who was supposed to be directly responsible for d RM120 million losses. Badrul was just a junior trader in Golden Hope. He must have received instructions from 3 persons higher up in Golden Hope. Badrul cannot work on his own without the approvals of GM of Commodity, Azmir Yahya, Dr Anhar Suki, director of Oil & Fat and Datuk Sabri Ahmad.

Incidentally, Datuk Sabri Ahmad left and he was appointed as the current Chairman of MPOB (Malaysian Palm Oil Board situated in Kelana Jaya), a power position.
No bad. Screwed Sime Darby with RM120 million losses and then one is rewarded with a powerful post in MPOB.

The former accountant of Jomalina by the name of Mr Ng, who is now working in Singapore, knew everything from who were in fact involved in this scandal and how they were done. I believe that the deputy accountant may also know about it. Mr Ng was forced by certain quarters to take responsibilities of the RM120 million scandals but he refused and resigned last year.

I was told that in July 2008 YB Wee Choo Keong, MP for Wangsa Maju, had spoke about this financial scandal of RM120 millions and he had also asked for actions to b e taken. You can read about this in YB Wee's blog: weechookeong.wordpress.com

Mr No Hopelah!

Anonymous said...

Top jobs come with great risks. Do a good job and others will try their best to bring you down.

Don't do a good job and they still try to bring you down.

This is the harsh reality these days.

A GOOD MAN DOES NOTHING.

Anonymous said...

Please la bro... I'm one of the auditor who done the audit for this 120 million loss. It actually no supervision of what so ever from BAdrul's superior (which is his Manager). The loss was reported to SIME, and other consultant before the merger(already stated in the audited account la...). During that time the loss is only 70 million, but due to high future CPO price the loss jumped to 120 million.

The issue here with SIME right now is that they don't want to give their own investigation report (not Ghope investigation report) to CCM. There is actually no investigation report to support the sacking of Ghope people. Now... how can you sack your own people without giving them a fair trial and prove they're gulity.

If you want to know more on this issue read SIME DARBY WATCh blog.

No more Mr Nice Guy.

Anonymous said...

hi, can u updated me with the outcome of this cases, i am eager to know the outcome. thank you