Sime Darby sues ex-CEO and 4 executives

Published: Thursday December 23, 2010 MYT 7:44:00 PM
Updated: Thursday December 23, 2010 MYT 9:37:41 PM
Sime Darby sues ex-CEO and 4 executives

See Sime Darby’s announcement to Bursa Malaysia below

KUALA LUMPUR: Sime Darby Bhd has filed civil suits against its former chief executive officer Datuk Seri Ahmad Zubir Murshid and four executives seeking damages and reliefs totaling at least RM340mil over three loss-making energy projects.

The four Sime Darby executives are Datuk Mohamad Shukri Baharom, (former executive vice-president of the group's energy & utilities division), Abdul Rahim Ismail (former chief financial officer of the group's energy & utilities division), Abdul Kadir Alias (former head of the oil & gas business unit of the energy & utilities division) and Mohd Zaki bin Othman (former senior general manager of Sime Darby Engneering Sdn Bhd).

According to an announcement to the Malaysian Stock Exchange, the suits filed in the High Court were related to their involvement in the Qatar Petroleum Project, the Maersk Oil Qatar Project (MOQ) nd the construction of marine vessels known as the Marine project.

Among the reliefs sought is an order that each defendant make restitution of RM80.51mil, wrongly paid to consultants in the QP Project.

Sime Darby also wants each of the defendants to make restitution of US$$30.8mil (RM95.9mil) being consultancy fees wrongly paid in the MOQ Project

Sime Darby also seeks restitution of US$48mil (RM149.5mil) from Zubir and Shukri, being the losses from the failure to deliver three marine vessels.

Earlier this month, it was announced that the Malaysian Anti-Corruption Commission had found several “elements of fraud” in Sime Darby and had shared its findings with police and the Companies Commission for them to initiate action.

Related Stories:
Sime exec claims trial over RM200,000 bribe charge
MACC to charge two top Sime Darby men
Culprits in Sime’s RM2.1bil losses to face full brunt of the law
Sime plans legal action to recover RM2.1bil losses
Sime Darby GM to be charged with graft