en-us http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/ Comments from Sime sues ex-CEO, four others over RM2b losses - The Malaysian Insider http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117730192Why was none of the Board members be held responsible in the fiasco ? Shouldn't the entire resign enbloc ? Where is accountability ? I am sadden to see that even Tan Sri Andrew Sheng is a board member and yet this company fumbled terribly. Fri, 24 Dec 2010 00:04:19 +0000http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117730192 http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117723405Forget it, those charged have spent all the monies or hid it somewhere/under others name. And do Sime idiots really thinks those accused have the money to pay. This is blundr and stupidity by the BOD. They should be the one to be sacked and replaced with competent one. Thu, 23 Dec 2010 23:00:54 +0000http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117723405 http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117715487Don't you ever belief that the Chairman didn't know about these issues. All big expenditure submitted by management MUST get the Board Approval especially the Chairman. The Chairman has to read the papers submitted & agreed before it is approved by the Board/Management Team. Of course, if the Chairman is a Donkey & sleepy on the job & don't understand what is needed for approval. Moreover, where is the audit committee reviewing the paper presented? If it was so simple to get projects approved, then there is really something wrong with Sime Darby whole management team. They are not fit to be there! Thu, 23 Dec 2010 21:59:24 +0000http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117715487 http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117715342This is interesting Sime is suing themselves for their Board of Directors lack of over sight and incompetence.. Thu, 23 Dec 2010 21:57:49 +0000http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117715342 http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117711119If I were on of the 5 being sued, I'd be wondering what wrong I did that was so wrong? After all isn't paying RM500 million commissions for procuring submarines just another name for outright theft? Isn't paying RM43 for a RM3 screw-driver also theft? Isn't building RM24million mansions from out of a meager salary as Chief Minister and a previous dentistry profession also theft? And what about the misdeeds and misappropriations of the Thief Minister of Sarawak, Taib Mahmud? Isn't all this just a part of appropriating national assets for personal benefit in keeping with a policy to develop a coterie of Malay elite? What difference is what I did to what all these other people do? why sue me or charge me? should I not be given a royal award for what I did? Thu, 23 Dec 2010 21:22:13 +0000http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117711119 http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117673591Does anyone know that all top levels including chairman of SIME who link to govt are enjoying the priviledge of immunity?? Thu, 23 Dec 2010 16:29:39 +0000http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117673591 http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117672159Barking too late...damage has been done..this shows how loose the controls are by the group over the units over the years..good example of sub-standard management. Thu, 23 Dec 2010 16:18:05 +0000http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117672159 http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117671810The SOP hasn't changed an iota in how these Towering Malaysians are siphoning the life blood off this country. I do not for even one moment believe that its just a failure of fiduciary duties or simple negligence. It is plain and straight forward corruption, thievery and siphoning of funds. There is no need to be modest of words to describe such things. It's a criminal act, not civil ones. Thu, 23 Dec 2010 16:15:21 +0000http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117671810 http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117664260RM2.1 billion losses but suing them RM177 million in damages for the losses. Why taking action now? These 5 suckers will plea not guilty, as usual as GE is coming soon. After election, delay & dilly-dally until NFA. Why sue them? Where is the so called independent MACC? If the goverment is really serious, prompt & swift action already been taken. From small fish to big fish, one by one being caught. Probably need few lorries to load them to jail. Thu, 23 Dec 2010 15:17:25 +0000http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117664260 http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117661778What about the Chairman Of the Board? It is clear he is negligent of his fiduciary duties. Thu, 23 Dec 2010 14:58:46 +0000http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117661778 http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117657350When the looting was in millions it went unnoticed. But when it started reaching the hundreds in a free for some then the ground caved in. So what paradigm shift are you talking about. It has been the same with many such as MAS, Free Trade (Raid) Zone etc. Thu, 23 Dec 2010 14:36:57 +0000http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117657350 http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117650372its just a PR excercise to gain public support. Eventually Sime Darby will not be able to recover the losses as the decision to invest such huge sum money could not have been without a complete & thorough working paper. Once approval from the Board was given and that's it. The defendants will put a Defence that everything was done according to advices from experts & so forth. I suspect that if these people had crminally done something wrong, they would have been charged under the Penal Code or MACC already. Thu, 23 Dec 2010 13:54:48 +0000http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117650372 http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117649452Shame Darby, lost RM1.7billion for Sime Bank, another RM2.1billion for Sime Engineering........ Thu, 23 Dec 2010 13:46:11 +0000http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117649452 http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117644185I agree with you Noman. There is no excuse for the Chairman not knowing. If that being the case, why is he paid for a job with heavy responsibly? To sleep and warm his seat. If he is incompetent, why accept the Chairman's job in the first place? No one is indispensable, now that the small players of got burnt, not withstanding the big players, who is going to reimburse them for your negligent? Thu, 23 Dec 2010 13:05:53 +0000http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117644185 http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117643807I am not surprised in these case because this big company sime darby their fate will become like umno bn company the RENONG KONGLOMERATE GOES BANKRUP FOREVER.They only think how to rob the company money not making profit for the company. Thu, 23 Dec 2010 13:02:54 +0000http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117643807 http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117641579I will just allow Sime to take a paper judgment against me and face bankruptcy proceedings as well. So there goes your restitution and if you think you can trace the ill gotten monies, you have another thinking coming !! Thu, 23 Dec 2010 12:47:44 +0000http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117641579 http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117638986so, the chairman was in the dark? or sleeping on the job while the thieves cart away the loots? Otherwise, the chairman must resign. Thu, 23 Dec 2010 12:29:05 +0000http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117638986 http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117638111do u mean that all board members are not reponsible ???????? Thu, 23 Dec 2010 12:22:16 +0000http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117638111 http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117634353So what can you get from these people? NOTHING. It's just a waste of time and money. They have lost everything and the money has become dust. It all boils down to incompetent people given the responsibility to do the job. The government and many of our GLCs are doing the same thing over and over again. They keep on loosing money... then comes the bail-out with taxpayers' money. In the Sime Darby case, is the government going to pump in money to stabilise it back? From where is the money going to come from? Thu, 23 Dec 2010 11:55:36 +0000http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117634353 http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117633928That should the way forward to instill public confidence on the conglomerate once used to be jewel of the crown among all the bluechips in KLSE. It has lost its shine after some bad corporate governance and scandals. Thu, 23 Dec 2010 11:52:36 +0000http://www.themalaysianinsider.com/malaysia/article/sime-sues-ex-ceo-four-others-over-rm2b-losses/#IDComment117633928