KUALA LUMPUR: Sime Darby Bhd (Sime Darby) will commence a civil suit with regards to the cost overrun and possible mismanagement in its energy and utilities division before year-end, its chairman, Tun Musa Hitam said.
A forensic audit on the unit has identified individuals with prima facie culpability, he said at the company’s annual meeting here yesterday.
He also said the Securities Commission (SC) and the Malaysian Anti-Corruption Commission (MACC) are conducting further investigations.
“It is because of these ongoing investigations, that we are unable at this time as advised by legal counsel, to make the findings of the committee known to you,” he told a packed room of about 2,000 Sime Darby shareholders.
“Hence, until a case is filed and notice served, the legal counsel has also advised that details need to remain confidential,” he added.
The annual meeting, which began at 11am, ended four and a half hours later.
Musa said the Sime Darby board had drawn up a strategic plan to place the company on a stronger footing and ensure that while, controls, systems and processes are tightened, opportunities to grow and expand would not be missed.
Independent forensic auditors, KPMG and Deloitte Enterprise Risk Services Sdn Bhd and legal consultants were appointed to look into the situation in four projects led by the energy and utilities division. — Bernama