Thursday June 12, 2008

Sime Darby to appoint new CFO

KUALA LUMPUR: Sime Darby Bhd says it will soon appoint a new chief financial officer following the dismissal of Razidan Ghazalli, one of the two top executives held responsible for RM120mil losses incurred by Golden Hope Plantations Bhd, through futures trading.

“We are moving quickly to identify the correct person, in consultation with our board of directors, and hope to make an announcement in the very near future,” president and group chief executive officer Datuk Seri Ahmad Zubir Murshid said yesterday.

Zubir, during a visit to Jakarta, gave an exclusive interview to Bernama.

Following is an excerpt of the interview:

Question: Are there going to be anymore sackings over the losses?

Zubir: As far as the futures trading losses in Golden Jomalina (Food Industries) are concerned, we do not foresee any further terminations.

Q: How were the losses accumulated?

Zubir: Approved trading parameters and limits with regard to futures trading were not observed between October 2006 and August 2007.

Q: Reports say the Golden Jomalina losses were discovered in August. Why was action only taken this week? Why the delay?

Zubir: Sime Darby does not make decisions in haste. While the preservation of our shareholders’ interests is paramount, we also had a responsibility to investigate the matter thoroughly and to make decisions on a properly informed basis.

It is important not to oversimplify the action we have taken as a reaction to losses incurred.

The action that we have taken is based upon a close review of the conduct and the actions of those concerned, measured against the expected fiduciary standards.

SIME :  [Stock Watch]  [News]


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