Thursday, May 13, 2010

Zubir's "leave of absence"

SIME DARBY'S BOSS ASKED TO GO. The Board of the Directors, chaired by Tun Musa Hitam the former Deputy Prime Minister, met last night and perused the full audit report of the company, which must have included the basis for this and this. At the end of the meeting, the directors decided to ask Ahmad Zubir Mursyid to take a "leave of absence". Musa announced this at a press conference a little while ago.

Question is, does the buck stop at Zubir? My neighbour thinks the entire Board should assume responsibility, not just Zubir. They are in this together.

51 comments:

Anonymous said...

dear sir, i totally agree with you. all the old farts in the board should go - not so old fart

Anonymous said...

cuti tanpa gaji atau dgn gaji???

Anonymous said...

1 by 1, Project by Tun Abdullah fail.

Sime Darby become Sime Fail

Bloggerooi said...

Mega merger went awry, one division makes huge losses, other divisions also suffer. Initially thought that it will be a good year for SD as CPO prices remain good and steady so far this financial year. Now it looks like our bonus also went kaput already.

Pasquale said...

Next one to go is somebody from PNB for defying PM's request to invest in Coca Cola in Nilai, they did and apparently somebody rescinded the investment pledge! All these secret Pakatan supporters in GLC and to other government agencies and ministries, police and the armed forces, even local councils including DBKL need to be purged once and for all!
Wonder what Hassan Marican is doing now, you know what they say "money alone cannot guarantee you join the club". You play by the sword expect to have you heads chopped! Time for namby pamby attitude and wishy washy behaviour to go out, either you are with Brother Anwar Bin Ibrahim (BABI)or you are not with him, you cannot be with BABI and then work for the government drawing hunge salary and fancy cars with drivers even then derailed the PM's aspiration to go ahead in developing this country!

Anonymous said...

musa "good for nothing" hitam shoudl resigned and retire.

Signed Babi said...

Dont forget to ask Zubir's EVP, Hisham Hamdan, that is in charge with Strategy and Business Development of Sime Darby to leave as well. If not because of his idiotic "advice", Sime Darby will not be in the spotlight.

donplaypuks® said...

"All these secret Pakatan supporters in GLC and to other government agencies and ministries, police and the armed forces, even local councils including DBKL need to be purged once and for all!" Pasquale.

Huh? Who are you trying to kid?

All these GLC's and DBKL have been led by UMNO/BN appointed MD/CEO's and staff since forever and you try and blame Pakatan for massive bad biz decisions and billion $ failures?

Piss off Pasquale!

Go ahead and purge and you will be handlng it all to Pakatan on a silver platter because most of these who will face the cut will be UMNO/BN loyalists. What, are Musa Hitam and Sime Darby CEO Zubir Pakatan card holding members?

Anyway, the report is that Zubir has been told to go on leave of absence while SD's board investigates the $1.7 billion loss in Bakun.

Two things spring to mind:

1. SD only went into Bakun mainly because they were arm-twisted into it by the UMNO/BN Govts under Mahathir and Badawi.

2. You mean the Chairman and Board of Directors only knew about the losses that were accumulating a year after it happened?

That's pure BULL SHIT because the top Management of Plcs and MNC's like Sime Darby will review actual financial performance AND projected profit/loss to completiion, monthly. That's why they have highly paid accountants and finance directors and managers for!!

They knew about it a long time ago but could not pull out earlier and had no choice but to continue with completing Bakun.

Was there fraud and misappropriation of funds? Hopefully, we'll be privy to that soon though the usual cover up will be the preferred route with the MD's as the sacrificial goat!!

dpp
we are all of 1 race, the Human race

What about at Khazanah? said...

The 60 million ringgit question - "Now when is Khazanah doing a Zubir?"

Anonymous said...

Pasquale....yes boss, PM akan ikut cakap tuan Pasquale saje la.

Tuan Pasquale memang hero besar UMNO !! Kepala dia pon besar tapi mulut busuk !!

Babi Busuk Pasquale

Anonymous said...

with that kind of money,1 man is certainly not enough.please wash them away! -kona-

Anonymous said...

Dato' Sri,

Mu jange ikut resmi Kahalid Gagap dah, join PKR...lepas kena sacked dari Guthrie lebih baik mu dok kat masjid beramal...


Wan Zainal Wan Samshir
Dungun

zulkifli said...

Investment by Coca Cola-is that such a big deal? what technology transfer can we get from a bottling operation? Those chaps in the GLC's know better than Najib, not necessarily that they are Anwar's supporters. They just cannot see the rational, if any, of Najib's instructions.

Muhammad Ali said...

Zubir forced to swallow his own slimy medicine
The unceremonious sacking of Ahmad Zubir Murshid as emperor, err, president and GCE of Sime Darby triggered this reaction...well, good riddance!
Hear that loud gurgling noise in the backdrop? That is the sound of redemption for Sime citizens forced to endure years of corporate authoritarianism, the kind that proliferated during the previous administration of Abdullah Ahmad Badawi.
The fact is, a lot was known, disseminated and screamed before this financial blight was thoroughly exposed but the Sime Darby board might want to ask themselves this pertinent question: did they choose the proverbial blind eye to gloss over Zubir’s corporate transgressions that led to that massive RM2.76 billion project cost overruns in Qatar and Bakun that led to losses of RM526 million?
In this fiduciary sordidness, consider too Zubir’s free hand to run riot with Sime’s investment funds - he layered himself with committees to shield his corporate shenanigans from board scrutiny and arbitrarily allowed himself the privilege of approving projects costing RM50 million and below - without the need for board approval!
How Zubir is allowed this free hand can be traced back to at least a decade’s worth of arrogance and so-called privileges of impunity, least of all in his who-gives-a-shit snub to the grave concerns of parent company Permodalan Nasional Berhad and scandalously malicious post-merger purging of Golden Hope’s senior executives.
Prior to the merger of Sime Darby, Golden Hope and Guthrie, Sime operated as an associate company of PNB since the years of Tun Ismail Ali, meaning that PNB’s minority equity in Sime disallowed PNB to intervene.
Yet, post-merger, when PNB acquired a controlling stake of 51% in Sime, the corporation still gave the finger to PNB and still the national unit fund was helpless to intervene.
Such contempt extended to PNB’s Minggu Amanah Saham – no senior Sime executive bothered to attend in previous years but in 2009, Zubir and sycophants came in full force, only to be seen for Najib Abdul Razak’s first launch as PM. Such creepy hypocrisy!
However, the Employees’ Provident Fund, which holds less than PNB’s stake, has shown itself to possess bigger balls – they unhesitatingly fired official missives of concerns and queries through letters and its board representative over matters that they were unhappy with.
But PNB raised not even a pipsqueak, which they should have done through their nominees on the board when their concerns as parent company were valid. That stated, it reflected subservience in PNB’s own board.
It’s uncanny to note that the massive losses were restricted only to projects which pre-merger Sime Darby initiated. No dubious financial double-dealing were attached to Golden Hope or Guthrie, still in the real sense the biggest plantation company operations with a viably profitable portfolio.
Which says a lot for the integrity of people from Golden Hope and Guthrie, sadly alienated, cast off and put down after the merger by Zubir and Co through disingenuous management culling and outright oppression.
Now that the tables are turned, Zubir sent off and his senior management team (all from the old Sime) revealed for the mediocrity of their worth (any asshole can manufacture a RM2.76 billion loss), the Sime board will find it difficult to look for a solid replacement from Golden Hope or Guthrie since all the good ones have upped and left.
While Azhar Hamid is appointed acting GCE, it is appropriate that the Sime board look to a suitable “outsider” to take over from Zubir and not consider anyone from his management team.
Sime Darby may be a troubled company but it is still a very valuable one in need of a selfless, professional and moral CEO to turn it around.

Anonymous said...

This is long time coming, I am a nationalist and a bumiputra. With the little things that the Malay has they give to Colombians, isn't there any MALAY that is qualified to be the head of HR in Sime Plantation. Lucky the head of their global solution, a singaporean agent has tendered. There are many more in SD that a bumi can take up.......but?????
Ask ishak........then again he wouldn't know the answer coz he is only zubir's lunch partner.

Dato Sabri and Co must be laughing here.....I hope he reads this.

Wouldn't it be great if he were to be appointed Sime's GCE.

Allah this time paid cash.

List of those that should follow Zubir
1. Dato Ishak
2. Claudia
3. Don't know his name - Group Head of Procurement
4. Don't know her name - The China lady in Trading
5. All of the direct reports to Energy Division previous Head
6. Mika
7. Dr Poh
8. Viknesh (HR of Motors)
Reason being this are all cronies......and bodek artist.
List of those should not go
1. Dato Azhar
2. Zulzainal

Mimi

Mimi said...
This comment has been removed by the author.
Mimi said...

Sorry it's :

www.simedarbywatch2.blogspot.com

The previous was spelt wrongly.

Anonymous said...

Go back to the old set up of:

1. Goden Hope Plantations Bhd
(without Sabri Ahmad)

2. Guthries
(without Musa Hitam)

3. Sime Darby Bhd

Anonymous said...

And I have been wondering why the ASB divedends are so low...Retiree

charleskiwi said...

This is the result of appointing someone because of what he is not because he has the proven business acumen ? May be Shenanigan Mahathir has something to say or he was not so concerned with the nation's wealth with the expected results ! This is the result of a appointment without due consideration to the appointed's ability.

jonathan said...

Bro,

Klu dah rugi 1 Billion tak pyhla suruh bercuti..buang jer terus & tolong jgn bayar gaji sampai kontrak dia habis. Nila masalah CEO n Management kat GLC, dia org ingat duit kt co. GLC tu duit mak bapak dia punya. Spend ikut suka hati dia, gaji tinggi nak mampus, benefit byk x ingat, bonus toksah ckplah klu declare untung diaorg la yg pertama kebas 5/6 bulan. kdg2 aku respek boss kt co. cina, klu diaorg tahu mgmnt dia org x perform or buat kerja x de etika automatik diaorg buang terus.

Anonymous said...

Ask Dato Azhar's replacement on how he be-littles the Bumi's and Che Det whenever he delivers his "sermons" to his Bumi managers..
Is that what PNB wants in a GLC that they control??
Common...Sime Plantations can do better than to pick a ball polisher like Franki..

From Lvl 5 Plaza Central

Anonymous said...

datuk, your friend brenden pereira the agent from singapore has written this opinion piece in malaysian today.

MAY 13 — If today carries bad memories for Malaysia, it is doubly so for the great Malaysian conglomerate Sime Darby Bhd.

"The driving force behind the merger of three plantation giants to form Synergy Drive Berhad and subsequently retake the name Sime Darby, Datuk Seri Ahmad Zubir Murshid has been asked to take a leave of absence following concerns about costs overruns from the Bakun dam project.

Several other officials have already been asked to step aside in a shake-up of its engineering division.

The plantations-to-power group also estimates there will be a negative impact of RM964 million on its results for the second half of the 2010 financial year due to the problems that have been uncovered. It had announced a profit of RM1,113 million for the first half of the current financial and third quarter results are due on May 27.

The question is, should Ahmad Zubir be the only fall guy?

Shouldn’t the entire board, and for that matter group chairman Tun Musa Hitam, do the honourable thing and step down.

After all, it is an open secret in Sime Darby, the Malaysian corporate world and even in Putrajaya that the former deputy prime minister has been virtually operating as the executive chairman, with a large say in many operation matters.

The Bakun project itself was awarded in 2002 and does it take three more years than the first deadline of 2007 for anyone to figure out there will be cost overruns? Even the other losses related to the energy division should have rung alarm bells when delays and overruns were recorded.

Everyone with a hand at the helm should take responsibility for this.

Musa and for that matter other board members cannot plead ignorance. Or apportion blame on Sime Darby’s failings on others. This is the corporate world where failure means being shown the exit and not Malaysian politics where failure is just a means to another step of the ladder.

Put it simply, if you want to enjoy the perks of the job and like to wield the power that comes with it, then you must be prepared to fall on the sword when the time comes. No two ways about it.

The Sime Darby shake-up of May 13 should not just be about a few officials stepping aside to be replaced by other underlings. It requires a clean-up and an entirely new team to manage a behemoth that is a critical part of the country’s economy."

no byline but we all know brenden's the man behind all the opinion pieces in msiatoday. sure he also one bodek artist, remember fox media, sime darby's media spin doctors? brenden of fox media, writes in malaysian today...

come on la brenden, come clean...and come back to singapore...


"cucu clementi avenue"

abdul halim said...

LOA should start with TS Musa Hitam followed by the rest of the board.

eddy said...

After this the current Sime BOD including the Chairman himself should offer their resignation. Sime Darby has become a mega corporation without focus and needs to be fully shaken up..why not break it up again to Sime Darby, Golden Hope and Guthrie's.

Sime Darby's forced takeover of Golden Hope and Guthrie's has never been a good idea from the start.

KUSOH said...

Tan Sri Hassan Merican is available, allow him to do the good thing of putting Sime Darby into the Fortune 500.He has done it for PETRONAS, with good support , he will make I FOR Sime Darby...insyallah.

Anonymous said...

Sacrificial lamb. Musa Hitam is as sure as guilty as hell. These board of director must take the rap. I pity the minority shareholders. Next time do not invest in GLCs.

Anonymous said...

Musa Hitam got the Bakun project for Sime Darby. Glory to him. The board approve the project. The CEO got blamed for poor execution. And he got the broom.

The Bakun deal was probably a bad deal in the first place. It was just rammed down the company's throat by the major shareholder.

Pemerhati Khazanah said...

After Sime Darby, please look into Khazanah. With Rashdan@Danny is now joining the Board, Azman Mokhtar and his buddies are behaving as if Khazanah are their own company, BinaFikir.

Anonymous said...

Zubir does not give a damn whether Sime sacks him or not. As a Bumi, he can get jobs which pay him a thousand times more. If I were him, I wouldnt lose any sleep. I heard top companies are already headhunting him. Who knows, he might be taking over as Tenaga boss. The idiots who are losing sleep are Sime.

NSTman

Damansara said...

We should actually cherish this Sime Darby's incident....history has been created...now we can say..WOW FEED BRAYANI STILL GOT MONKEY?

Wonder why 'Seniorer' Monkeys still there...they were, are and will be good for nothing

MooMoo said...

Mimi,

Please add 1 more name into your list:
-Hisham Hamdan (Zubir's favourite asslicker)

Anonymous said...

Tidak dapat dinafikan lagi bahawa Tun Musa Hitam dan seluroh BOD semuanya turut bersama bertanggungjawab diatas kerugian dan musibah yg menimpa Sime Darby ini.Jika mereka itu orang yg bermaruah,berintegriti dan "gentlemen",mereka semua perlu meletak jawatan secara sukarela.

Jika mereka enggan berbuat demikian, DS Najib hendaklah bertindak memecat mereka segera agar tempat mereka akan dapat digantikan dengan mereka yg lebih berkaliber dan layak.Disamping itu,tindakan sedemikian akan menampakkan ketegasan dan keberanian DS Naji sebagai PM,dan akan meningkatkan keyakinan rakyat terhadap kepimpinan beliau.

Askar tua

Khinzir Razak said...

At the end of the day, whether Sime Darby a.k.a Synergy Drive really creates value to the shareholders or not, the main winner with huge paycheck remains the investment bank that initiated in this useless mega huha, i.e. CIMB!

Reminds me of what BinaFikir did in 2002/03 with that crappy WOW proposal and getting paid million by the poor MAS. Look at MAS now! And the best part is the Government rewarded BinaFikir's founder, Azman Mokhtar and Danny, to head Malaysia's investment arm, Khazanah.

C'mon, Malaysia can do better that this la!

Anonymous said...

Damage done by Pak Lah.

So stupid to merge the 3 giants. There goes the result.

-Sime Shareholder-

Anonymous said...

The people working under Zubir in every division should be sacked too. All are his cronies, and the worst thing is that the acting CEO is even worst than Zubir. He was a small timer, and rose up real fast. There may be no young guns capable in Management simply becos experience is the mother of success. See Teh Hong Piau. SD must be managed by someone at least 50+, not 42 like how Zubir started. The people that appointed him should also pay.

Anonymous said...

The people working under Zubir in every division should be sacked too. All are his cronies, and the worst thing is that the acting CEO is even worst than Zubir. He was a small timer, and rose up real fast. There may be no young guns capable in Management simply becos experience is the mother of success. See Teh Hong Piau. SD must be managed by someone at least 50+, not 42 like how Zubir started. The people that appointed him should also pay.

Sawit Berkelanjutan Kutai Barat said...

Golden Hope has a good Estate Computer System very practical for plantations developed over the years, was inactive... And u gays used SAP, yes good but expensive. A farmer do not need a BMW.

Anonymous said...

What is new? Years & years we see our goverment's poster boys failed big time. Wonder on what credential are they based on prior appointment for the job? No prize for guessing.

Likewise mentioned, the remaining few seems to have been circulated back and forth between Khazanah and GLCs. Are we short of talent here? Or all the good ones had left for greener pastures? Wish Malaysia all the luck.

Kunte Kinte

Anonymous said...

madu n family shopping keliling dunis spending no iimit apa cita???

Anonymous said...

Setuju dengan Mimi, tapi yang Azhar tu pun patut masuk tong seklai la....Tolonglah pulihkan Plantation Division......yang dah pi sementara ganti zubir tu cantas je terus....entah apa2!!!!

Diaorang ni semua......tengok, pi mana2 naik heli je.....sekali heli trip berap ratus ribu maaaa....siap nak beli heli lagi tu....giler mangkuk betul...habis duit cash GHope kena songlap....

Inilah jadinya bila dari Chairman ke exCEO ke Actg CEO ...tidak melihat syariat sebagai yang wajib...nama je islam.....apa2 program, wkatu solat main lanyak je.....kasihan aku lihat company macam ni.....kalau ditimpa bala, satu kapal yang kena, bukan depa je.....masyallah....

Momo

Anonymous said...

After Khazanah, Pos Malaysia, now Sime Darby. Next year more news on huge loses - PETRONAS losing billions of ringgit. I bet!

Pak Lah and Najib should be held responsible.

Anonymous said...

This is too fishy lah Bro.

First put the three largest relatively low-problem, biggest land banks conglomerates together.

Put in a bunch of over-the-hill yes-men goons on board of directors. Longkang corporate governance ensured.

Then make huge 'blunders' that cause stock prices to fall (any accountant/auditor worth his salt will tell you that cost overruns do not happen overnight!).

A fire sale comes next. Sime shares at bargain-basement prices?
And 'new management' thrown in for good measure?

That the CEO is gone is well and good. But the board cannot plead ignorance. And Musa Hitam's (many,many) skirt (s) chasing days are over. Kat Sime tu, buat macam rumah sendiri. Rumah kata pergi,(you fill in the rest.....)

THAT ALL OF THE NATION'S BIGGEST BLUNDERS OCCUR DURING PAK LAH'S ADMINISTRATION POINTS TO SOME VERY BAD ADVICE GIVEN BY SOME VERY INFLUENTIAL PEOPLE.

MAY NOT BE BLUNDERS AFTER ALL....SHREWD AND CALCULATED

AN INTERESTING PATTERN EMERGES...

skilgannon1066 said...

Charles "Chip" Goodyear to run Sime Darby?

After all, he was headhunted by Temasek Holdings, wasn't he? Only to quit over "differences in strategic direction".

You need a Mat Salleh to crack the whip in a GLC like SD.

Local Malaysians ain't got the bollocks to tell Khazanah to go fly a kite when need be.

Anonymous said...

Today Sime Darby, tomorrow PETRONAS!!!

Same thing going on over there, my man...

Intense politicking, outside in, inside out...

Isn't it obvious?

Azilla said...

Oh No..! Again the issue of Corporate Governance in the Largest Listed Oil Palm Companies in the world!!! Sime Darby Bhd...

It is sad to hear the news of the SD's Board decision to ask his CEO to take leave until his contract expires in Nov 2010.

Here the questions to be asked:

1) Who instruct to invest in Qatar?
2) who prepare the investment analysis and strategy?
3) Is there any appropriate due diligence being conducted
4) who prepare and table to the Board for approval?
5) who approve it?
6) If it is Board's collective decision, on what basis the decision was made?
7) How about internal process procedure? Is there appropriate of risk management study being conducted?

Oh..No...!!! Sad...Pity the investors of various ASNB's schemes i.e ASB, ASN,ASW 2020, AMS 1Malaysia. ASNB as a Fund Manager shall review of its investment policies and strategies on Sime Darby listed shares.

Hope some analysts have tabulated the statistic that showed percentage of investment exposure of Rakyat's funds i.e. ASB, ASW , etc in the SD's shares.

Securities Commission and Bursa Malaysia Berhad as front regulators of listed issuers shall take immediate action to show that they are competent to deal with the situation without fear and favour.

Special task force comprising the experts of forensic auditors (external/internal), lawyers, internal control process specialist shall be formed to investigate the matter.

Regulators shall review the Malaysian Code of Corporate Governance to make it more stringent and clear accountability of the Board.

Rakyats are hoping that GLC make more money NOT turned it become Government Lose Companies.

Suggested that Rocky Bru highlight to the PM over the Rakyat's concern about the issue.

Thanks Bro..

http://jobs1malaysia.blogspot.com

Anonymous said...

There are some good comments by people on Chedet and Rapera.

But I think the real question is Musa.

This is a man known for self-righteous grand standing, but has accomplished nothing of substance in public life. I think one blogger used the right term - he is a trendy liberal or leftist. Quick to criticize, suave but shallow. The liberal press view him as a darling.. as they did Sharir Abu Samah.

But it is one thing to continue to criticize the establishment and quite another to actually take a responsibility that is real and to deliver. PNB realized Musa's shallowness. They removed him from Guthrie. It took an inept PM like Pak Lah to propel this man who had no track record of success of any kind to such a high position.

What has Musa accomplished of substance that enabkles him to be Chairman of the largest Plantation company in the world? Nothing. He was a failed leader. He is good at dishing out lectures of what can be, may be and should be but like Anwar and Sharir - when the real responsibility is given they can achieve nothing.

I wonder why Sime spends as it does, trips, conferences, globe trotting board meetings, jets etc IOI, IJM, KLK, Johor Corp don't spend like this. But they are very successful in their businesses.

When Musa came into Sime- how many friends did he bring in as "advisors" ? Some one must go in and start to investigate the spending in Sime.

Finally- PNB leadership must come back. Honest Public servants are the safe hands that GLCs need. People who are busy pretending to be intelligent or are carryingo ut experiments with intelligence like Musa should stick to the conference circuit and do what they are good at - talk.

Anonymous said...

Clever investment model ... put all eggs in one basket ... easy to carry ... now they know ... kudos to Pak Lah

Ex Guthrie

Anonymous said...

Look back to June 2008, punishment that Sime put on Golden Hope Jomalina losses - 70 mil before merger which already published out in Golden Hope Annual Report. Golden Hope GCE, Grp Director Finance, DownStream, Jomalina GM, Marketing, all of them, whether it happened during their time or not, they had to take the responsibility - resigned 24 hrs or sacked from Sime Darby.
Question: why when Sime Darby loss billion, the CEO was only ask to take leave (paid???). How nice??????
Double standard of punishment yeah !!!!

-exGHope

Anonymous said...

Dear Sir,If Najib dont act and sweep under the carpet the mess at Sime to protect cronies not only chinese but also malays vote will back opposition come next general elections.Rakyat cannot be cheated anymore.Please PM act now before it is too late.Thks.

One of Millions ASB Investors.

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