Sime Darby probes Bakun Dam losses

Sime Darby Bhd has confirmed that a taskforce is investigating all aspects of its energy and utilities division’s operations in an effort to address the tough and challenging situation it faced. “The taskforce has yet to complete its investigations. Once completed, the group will make all relevant disclosures, during the third quarter results on May 27,” it said in a statement here today.
Sime Darby said the taskforce is looking at all aspects of the division, including its engineering works in Qatar and civil works on the Bakun hydro-electric dam.
It also said the management is aware of the difficulties and challenges besetting the division, especially with regards to operational efficiency and project management.
The group is currently addressing the situation by implementing appropriate measures.
According to a recent news report, Sime Darby reportedly recorded more than RM1 billion in total cost overruns from civil works on the Bakun hydro-electric project.
The energy and utilities division also recorded an operating loss of RM110 million in the second half of 2009 compared with a profit of RM56.3 million previously. – Bernama

Government Linked Companies such as Sime Darby, Tabung Haji, Boustead are now turning into cash cows.
Where is the next scandal, wrong investment going to come from?
Their Plantation division which reluctantly invested into the 22 hectares Oil Palm Plantation in Julau?

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