Sime to Sue Their Own Over Lost Maersk Contract

Government conglomerate Sime Darby Bhd will file civil suits by December 31 against those responsible for losses in four projects although enforcement agencies are expected to charge several people for criminal misconduct.


The 100-year-old company suffered billions in losses over the Bulhanine and Maydan Mahzam project with Qatar Petroleum, the Maersk Oil Qatar project, the Bakun hydroelectric dam project, and the construction of vessels for use in the Qatar project earlier this year.


“The company expects to file civil actions before the end of this calendar year,” Sime said in a statement today.


“Upon filing of the suits, Sime Darby will, as announced earlier, publish the claim to be read by interested parties, in view of the wide public interest the matter has generated and consistent with its objective of being transparent,” it added.


The Malaysian Anti-Corruption Commission (MACC) and Securities Commission (SC) said last Friday that it found possible breaches of the Penal Code and the Companies Act in Sime Darby’s Energy and Utilities Division RM2.1 billion losses.


Both agencies said the police will be asked to file the charges while their investigations continue.


Sime said it will continue to co-operate with the authorities in the investigations.


“To date, Sime Darby has voluntarily provided the authorities with all the reports on the findings from the investigations conducted by legal and financial experts appointed by the board of Sime Darby,” it said, adding it had to balance its own policy of transparency and accountability against the interests of shareholders and regulations pertaining to such disclosures.


“Furthermore, Sime Darby was concerned that revealing the findings of the investigations would jeopardise the potential cases against those found culpable.


“Nevertheless, Sime Darby, as previously disclosed, is pursuing civil litigation against individuals with prima facie culpability in the four projects,” the company said.


 

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