My Disappointment continues.....

Sime sues ex-CEO Group seeking RM338m in damages from Zubir, 4 others

2010/12/24
By Zaidi Isham Ismail and Azlan Abu Bakar
news@nst.com.my

KUALA LUMPUR: Conglomerate Sime Darby Bhd has sued its former group chief executive officer Datuk Seri Ahmad Zubir Murshid and four senior executives over their alleged roles in the massive RM1.7 billion losses suffered by its energy and utilities (E&U) division this year.

The executives, all under the E&U division, are former Sime Darby Energy Sdn Bhd vicepresident Datuk Mohd Shukri Baharom, chief financial officer Abdul Rahim Ismail, head of oil and gas Abdul Kadir Alias and senior general manager of Sime Darby Engineering, Mohd Zaki Othman.

"They are being sued for breaches of duties owed to the Sime Darby Group.

"The Sime Darby Group is claiming from the defendants, inter alia, restitution for monies wrongfully paid out, damages for losses suffered, loss of profit, aggravated damages and costs," it said in a statement yesterday.

Zubir and the other executives could not be reached for comment.

Sime is claiming at least RM338 million from the five, with almost half of that from Zubir and Shukri. It is also seeking damages for losses caused by them in three projects and any aggravated or exemplary damages.

Specifically, the suit deals with three projects, namely the Bulhanine and Maydan Mahzam project with Qatar Petroleum, the Maersk Oil Qatar project and building of marine vessels for the Maersk Oil Qatar project.

Read more: Sime sues ex-CEO<br>Group seeking RM338m in damages from Zubir, 4 others http://www.nst.com.my/nst/articles/Simesuesex-CEO/Article/#ixzz18zLgeaN3

*sigh*
Leonora