Sime Darby Chairman Tun Musa Hitam should make public the full report of the Sime Darby Task Force on the cost overruns of its energies and utilities division tomorrow and should not withhold any information from the Malaysian public, as they are the ultimate shareholders of the GLC conglomerate.
Sime Darby had earlier promised on its website that “all relevant disclosures” will be made with the world’s biggest-listed palm oil producer’s third quarter results tomorrow (May 27) but what Malaysians want is not a second-hand account but the full uncensored report of the Task Force on its energies and utilities division’s “difficulties and challenges, especially with regards to operational efficiency and project management”.
Malaysians want to know the bottom-line, in particular (i) whether Sime Darby has a history totalling some RM3.5 billion write-offs; if so, why and what is being done about it; and (ii) whether Sime Darby has incurred more than RM1 billion in cost overruns from carrying out a civil works contract for the Bakun hydroelectric project, with one estimate putting the total cost overruns at RM1.7 billion; and whether it is true that the government has agreed to reimburse around RM700 million to Sime Darby, leaving the group with around RM1 billion to deal with. Continue reading “Musa Hitam should make public the full report of Sime Darby task force on the cost overruns of its energies and utilities division tomorrow”