Kinda shocked bila aku dapat e-mel petang tadi.. Aku takmo enclosedkan apa yang dalam e-mel tu, cuma aku akan copy paste je artikel dalam internet..
Sime Darby confirms probe into energy division
By Lee Wei Lian
May 06, 2010
KUALA LUMPUR, May 6 — Sime Darby Bhd has changed the management team in its energy and utilities division, which is now under investigation for reported losses of RM1.7 billion on the Bakun hydroelectric power project.
In a statement today, the government-linked company said the findings of the internal task force, which are yet incomplete, will be made available in its third-quarter results announcement on May 27.
The Star daily quoted sources about the probe and overrun, which is almost equivalent to the Bakun project’s entire contract value of RM1.8 billion.
“With reference to recent media reports about Sime Darby’s Energy & Utilities Division, including projects in Qatar and Bakun, the Group would like to confirm that a Taskforce is investigating all aspects of this Division’s business operations in an effort to address the tough and challenging situation it is currently facing,” said Sime Darby on its website today.
“The Sime Darby Management is aware of the difficulties and challenges besetting its Energy & Utilities Division, especially with regards to operational efficiency and project management, and has instituted a new management team at the Division. The Group is currently addressing the situation by implementing appropriate measures.”
The Star report also said that the government has agreed to reimburse Sime Darby around RM700million, leaving the company with about RM1 billion to be dealt with.
Sime Darby today did not confirm or deny the reported losses or whether it will be reimbursed.
The energy and utilities division reported an operating loss of RM110 million in the second half of 2009 compared with a profit of RM56.3 million previously.
Sime Darby acknowledged that the loss was mainly due to RM210 million loss from its RM2.1 billion Maersk Oil Qatar project.
The Bakun project is located in Sarawak, on the Balui River, a tributary or source of the Rajang River and some 60km west of Belaga.
The project involves building the tallest concrete-faced rockfill dam in the world. It would also be the largest dam in Asia outside of China. It is expected to generate 2,400 megawatts of electricity once completed.
By Lee Wei Lian
May 06, 2010
KUALA LUMPUR, May 6 — Sime Darby Bhd has changed the management team in its energy and utilities division, which is now under investigation for reported losses of RM1.7 billion on the Bakun hydroelectric power project.
In a statement today, the government-linked company said the findings of the internal task force, which are yet incomplete, will be made available in its third-quarter results announcement on May 27.
The Star daily quoted sources about the probe and overrun, which is almost equivalent to the Bakun project’s entire contract value of RM1.8 billion.
“With reference to recent media reports about Sime Darby’s Energy & Utilities Division, including projects in Qatar and Bakun, the Group would like to confirm that a Taskforce is investigating all aspects of this Division’s business operations in an effort to address the tough and challenging situation it is currently facing,” said Sime Darby on its website today.
“The Sime Darby Management is aware of the difficulties and challenges besetting its Energy & Utilities Division, especially with regards to operational efficiency and project management, and has instituted a new management team at the Division. The Group is currently addressing the situation by implementing appropriate measures.”
The Star report also said that the government has agreed to reimburse Sime Darby around RM700million, leaving the company with about RM1 billion to be dealt with.
Sime Darby today did not confirm or deny the reported losses or whether it will be reimbursed.
The energy and utilities division reported an operating loss of RM110 million in the second half of 2009 compared with a profit of RM56.3 million previously.
Sime Darby acknowledged that the loss was mainly due to RM210 million loss from its RM2.1 billion Maersk Oil Qatar project.
The Bakun project is located in Sarawak, on the Balui River, a tributary or source of the Rajang River and some 60km west of Belaga.
The project involves building the tallest concrete-faced rockfill dam in the world. It would also be the largest dam in Asia outside of China. It is expected to generate 2,400 megawatts of electricity once completed.
Click HERE for the link..
Sime Darby claims another RM700m from government over Bakun Dam
May 08, 2010
KUALA LUMPUR, May 8 — Malaysia’s Sime Darby has put in a claim of RM700 million to the government for carrying out civil works on a dam, the Edge newspaper said today citing unnamed sources.
The Edge said the latest claim was in addition to an earlier claim of RM708 million that the government had agreed to reimburse to Sime for its work on the Bakun hydroelectric dam in Malaysia’s Sarawak state on Borneo island.
If the claim is approved, the total cost of the civil works for the Bakun dam will rise to RM3.2 billion from the initial RM1.8 billion that was awarded to the Malaysia China Hydro joint venture in 2002 that Sime leads, the Edge said.
“Also the new completion date that Sime is seeking to hand over the dam is December this year, “the Edge cited a source as saying. The previous deadline was June this year.
A Sime spokeswoman had no immediate comment.
Sime’s shares have fallen more than 2 per cent since Wednesday when news surfaced that Malaysia’s largest listed company incurred more than RM1 billion ringgt in cost overruns on the Bakun project.
That prompted investment bank CIMB to cut its call on Sime to neutral.
Bakun’s owner is Sarawak Hidro, a unit of the Ministry of Finance, that was mandated to manage the construction of the dam after the government took over the project in the 1990s.
The over US$8 billion (RM26.16 billion) dam was supposed to be completed by end-2007 but inaccurate soil studies by Sarawak Hidro complicated civil works portion of the dam, the Edge said citing an official with the dam’s contractors.
The delay in civil works has prompted the turbine suppliers to the dam — France’s Alstom and Impsa Malaysia to submit claims to Sarawak Hidro of about RM450 million ringgit, local media earlier reported.
Under the terms of the contract, Sarawak Hidro can impose the two companies’ claims on the Sime-led civil works JV.
The Edge, without specifying the source of its information, said Sime is appealing against the government imposing the claims by the turbine suppliers on its JV as the delays were beyond its control. — Reuters
May 08, 2010
KUALA LUMPUR, May 8 — Malaysia’s Sime Darby has put in a claim of RM700 million to the government for carrying out civil works on a dam, the Edge newspaper said today citing unnamed sources.
The Edge said the latest claim was in addition to an earlier claim of RM708 million that the government had agreed to reimburse to Sime for its work on the Bakun hydroelectric dam in Malaysia’s Sarawak state on Borneo island.
If the claim is approved, the total cost of the civil works for the Bakun dam will rise to RM3.2 billion from the initial RM1.8 billion that was awarded to the Malaysia China Hydro joint venture in 2002 that Sime leads, the Edge said.
“Also the new completion date that Sime is seeking to hand over the dam is December this year, “the Edge cited a source as saying. The previous deadline was June this year.
A Sime spokeswoman had no immediate comment.
Sime’s shares have fallen more than 2 per cent since Wednesday when news surfaced that Malaysia’s largest listed company incurred more than RM1 billion ringgt in cost overruns on the Bakun project.
That prompted investment bank CIMB to cut its call on Sime to neutral.
Bakun’s owner is Sarawak Hidro, a unit of the Ministry of Finance, that was mandated to manage the construction of the dam after the government took over the project in the 1990s.
The over US$8 billion (RM26.16 billion) dam was supposed to be completed by end-2007 but inaccurate soil studies by Sarawak Hidro complicated civil works portion of the dam, the Edge said citing an official with the dam’s contractors.
The delay in civil works has prompted the turbine suppliers to the dam — France’s Alstom and Impsa Malaysia to submit claims to Sarawak Hidro of about RM450 million ringgit, local media earlier reported.
Under the terms of the contract, Sarawak Hidro can impose the two companies’ claims on the Sime-led civil works JV.
The Edge, without specifying the source of its information, said Sime is appealing against the government imposing the claims by the turbine suppliers on its JV as the delays were beyond its control. — Reuters
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Sime Darby says losses limited to utilities and energy
By Yow Hong Chieh
May 13, 2010
KUALA LUMPUR, May 13 — Sime Darby Bhd chairman Tun Musa Hitam today stressed that failures in corporate governance within the group are only limited to its energy and utilities division.
“There is no basis to go into the other divisions,” he said, when asked if the board work group will extend its probe.
“There are strong reasons why we went into this division (energy and utilities).”
The board work group, consisting of Datuk Seri Panglima Andrew Sheng, Tan Sri Wan Mohd Zahid Mohd Noordin and Datin Paduka Zaitoon Othman, was formed in October 2009 to review operations of the energy and utilities division following its results in FY2009.
Following the findings of the task force, president and group chief executive Datuk Seri Ahmad Zubir Murshid was asked to take a leave of absence, effective today, prior to his contract expiring on Nov 26, 2010.
During his tenure, Sime Darby racked up RM964 million in cost overruns in four projects, including the Bakun dam project.
However, Musa admitted that there were also larger issues within the group that had to be dealt with.
“As of now, within the context of corporate governance there are a lot of loopholes... serious enough as to cause this serious problem vis-a-vis our figures,” he said.
“Long-term structural management problems have been identified and the board will involve itself in a special exercise to look at these structural... issues.”
He cited management structure, staff qualifications, procedures, feedback channels and checks and balances as examples of these issues, but said any changes to improve Sime Darby’s efficiency have to be done without “destroying the fabric” of the company.
Musa also said the company has benefited from the board work group’s assessment exercise so far.
“Because these are very long, complex, drawn-out, technical projects, risk management issues require... much better understanding, and I think the group has learned from this.
“I think our work group has identified... areas that we think should have been improved, controls that should be strengthened,” he said, adding that the board has given instructions to the management to tighten administration of those areas.
Asked if Sime Darby would get rid of the division, Musa joked: “Thank you for the suggestion. We’ll take note of it.”
He said he would go “to the moon” to find Ahmad Zubir’s replacement.
By Yow Hong Chieh
May 13, 2010
KUALA LUMPUR, May 13 — Sime Darby Bhd chairman Tun Musa Hitam today stressed that failures in corporate governance within the group are only limited to its energy and utilities division.
“There is no basis to go into the other divisions,” he said, when asked if the board work group will extend its probe.
“There are strong reasons why we went into this division (energy and utilities).”
The board work group, consisting of Datuk Seri Panglima Andrew Sheng, Tan Sri Wan Mohd Zahid Mohd Noordin and Datin Paduka Zaitoon Othman, was formed in October 2009 to review operations of the energy and utilities division following its results in FY2009.
Following the findings of the task force, president and group chief executive Datuk Seri Ahmad Zubir Murshid was asked to take a leave of absence, effective today, prior to his contract expiring on Nov 26, 2010.
During his tenure, Sime Darby racked up RM964 million in cost overruns in four projects, including the Bakun dam project.
However, Musa admitted that there were also larger issues within the group that had to be dealt with.
“As of now, within the context of corporate governance there are a lot of loopholes... serious enough as to cause this serious problem vis-a-vis our figures,” he said.
“Long-term structural management problems have been identified and the board will involve itself in a special exercise to look at these structural... issues.”
He cited management structure, staff qualifications, procedures, feedback channels and checks and balances as examples of these issues, but said any changes to improve Sime Darby’s efficiency have to be done without “destroying the fabric” of the company.
Musa also said the company has benefited from the board work group’s assessment exercise so far.
“Because these are very long, complex, drawn-out, technical projects, risk management issues require... much better understanding, and I think the group has learned from this.
“I think our work group has identified... areas that we think should have been improved, controls that should be strengthened,” he said, adding that the board has given instructions to the management to tighten administration of those areas.
Asked if Sime Darby would get rid of the division, Musa joked: “Thank you for the suggestion. We’ll take note of it.”
He said he would go “to the moon” to find Ahmad Zubir’s replacement.
Click HERE for the link..
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