The Sime Darby shake-up — The Malaysian Insider
May 13, 2010
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.
May 13, 2010
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.
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P/S : All this article aku amek dari The Malaysian Insider.. Aku takleh nak komen lebih pasal ni, huhuhu.. Maybe tunggu semua dah cool down baru aku akan bagi pendapat aku..
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