Media Statement by Lim Kit Siang in Petaling Jaya on Friday, 21^st May 2010: 

Najib should present a preliminary White Paper to the June 7 Parliament on the RM1-2billion Sime Darby cost overruns which have already led to the fall of its group chief executive Ahmad Zubir

The Prime Minister Datuk Seri Najib Tun Razak should present a preliminary White Paper to the June 7 Parliament on the RM1-2 billion Sime Darby cost overruns which have already led to the fall of its group chief executive Datuk Seri Ahmad Zubir and growing calls led by former Prime Minister Tun Dr. Mahathir Mohamad for the whole Board of Directors including Chairman Tun Musa Hitam to resign.

This is because the Malaysian people and taxpayers are the final shareholders of Sime Darby, hitherto the biggest and most successful government-linked company (GLC).

I welcome the announcement by Musa yesterday that the ongoing internal probe by Sime Darby Bhd to find out how it made staggering losses has now been expanded to cover all its six business divisions.

The probe was previously confined to the conglomerate’s energy and utilities division and is now expanded to its five other business units, viz: plantations, property, healthcare, automotive and industrial divisions.

Mahathir is right to ask why only the CEO is made responsible, when he (Mahathir) was told of the cost overruns and delays from the four energy and utilities projects, including the Bakun dam project, three year ago.

There is also the question of the actual cost overruns from the four energy and utilities projects – with reports giving a total loss of RM1.8 billion.

It is not good enough for Musa to evade the issue and say that he will “stick to the figure” of RM964 million as given in the May 13^th Sime Darby statement, if all the facts showing that the total cost overruns from the energy and utilities units have ballooned to RM1.8 billion.

Musa owes the Malaysian public the latest updates on the Sime Darby losses or he is falling short of the high standards of accountability and good governance which he had always set for himself and the country. I will ask for a meeting with Musa on the colossal losses suffered by Sime Darby under his chairmanship.

*Lim Kit Siang, DAP Parliamentary Leader & MP for Ipoh Timor