Sime Darby should reveal its audit findings

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The troubled government-owned company Sime Darby Berhad should reveal its audit findings to the public instead of just "initiating legal actions" against those unnamed responsible individuals who had caused the massive losses on the company.

The reveal of the audit findings is important in order to identify those who are responsible for the massive losses incurred due to mismanagement, power abuses and corruptions. We are certain there all these topics are the caused of Sime Darby's losses in millions of Ringgit.

The people or the general public deserve to know the facts and details of the losses because this company is the federal government's wholly-owned business entity, heavily financed with public funds. Where does the public funds get its money? It is definitely from our pockets, through the payment of our taxes and revenues to the federal government annually. We, as stakeholders entrusted the federal government via general election to manage the public funds and now the money is gone just like that.

The losses are not just in hundreds or thousands, it is massive - in millions of Ringgit and just imagine with all those money, we could do a lots for the betterment of our people, to develop and build roads, hospitals, build more low-cost houses for the poor, construct more schools for our children and a lots more.

It is also learned that reports had been lodged earlier with the Malaysian Anti Corruptions Commission (MACC) and the Securities Commission (SC) after the audit findings had proven that there are many irregularities arise in its transactions and business undertakings. As at today, the MACC and SC have yet to take any concrete action to intensify their investigation on the company's mismanagement.

In last May, Sime Darby chief executive Datuk Seri Ahmad Zubir Murshid was asked to take a leave of absence following concerns over the cost overruns amounting to RM964 million from the four failed projects in the Energy and Utilities (EU) division, namely the Bulhanine and Maydan Mahzam project with Qatar Petroleum, the Maersk Oil Qatar project, the Bakun hydroelectric dam project in Sarawak and the “Marine Project”.

Acting only with legal actions against undisclosed individuals or groups responsible aren't sufficient to convince our people that the law has taken its action against all those who abused their powers and involved in corruptions as well as mismanagement.

The last time Sime Darby saw such a large loss at one of its units came after the 1997 Asian Financial Crisis, when a plunge in the stock market and a sharp depreciation of the ringgit led its financial arm, Sime Bank, to post a RM1.6 billion loss — the largest in Malaysian banking history — for the six months to December 1997.

As such, we look forward for concrete and effective actions against those who overran the public funds. Do not just give gimmick actions or excuses. Reveal all the audit findings to the public and the parliament as soon as possible.

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