Breaking up Sime Darby
A Question of Business
By P. GUNASEGARAM
That the failed-administration of Abdullah Ahmad Badawi had basically screwed up Sime Darby, Golden Hope and Guthrie is not news nor a secret any longer.
The recent shameful developments and close to a BILLION RINGGIT losses suffered by the merged Sime Darby is indeed a black spot in Malaysia's corporate history.
The merger of the three conglomerates was indeed a bad idea from day one but since someone close to the then administration was out to make a quick buck, everything else was swept under the carpet or forcibly silenced.
You can't keep shit under wrap for long and as expected by many a critic, it finally hit the fan slightly over three years after the three iconic organisations were caged.
When the failed-administration of Abdullah Ahmad Badawi 'caged' the three biz entities, there was actually not much consideration for their future ... it was all about the Abdullah-friendly brokers making a quick buck.
Abdullah didn't stop at the blunder of nodding to the much objected merger but went a step further and ruined the merged entity by appointing none other than his 1987 Team B buddy Musa Hitam to the coveted Chairman's position.
It's now an open secret too as to how Musa had allegedly abused Sime Darby for his own personal gains and out of sheer frustrations of not being able to occupy the Prime Minister's seat.
Sime Darby, under the new leadership of Mohd Bakee, is once again abuzz with Musa's abuse of power and authority as Chairman.
The internal and external audit findings of the chairman's penchant for flying in private jets and getting Sime Darby to pay for the private jet usage of some of his foreign friends has now hit the fan, like the same old shit.
p/s Would the powers that be maintain Musa Hitam as the Chairman of Sime Darby and risk eroding every Tom, Dick and Harry's confidence in the now humiliated conglomerate?
Dear Mr.Prime Minister / Finance Minister, please LISTEN - It requires wisdom to understand wisdom: the music is nothing if the audience is deaf.