# Anyone who's interested in Sime Darby Saga should read
this article from one of Sime pioneer itself....
The true story of Sime Darby by By Dr Chan Chin Cheung
It is never too late for Sime Darby to do serious business to support, contribute and work within the policies of the Prime Minister and his 1Malaysia Concept for the good of the country and the shareholders.
POOR Datuk Seri Ahmad Zubir Murshid, I sympathise with his present predicament. He was not the first executive of Sime Darby Bhd to be mired in circumstances which went beyond his control - the force of historical circumstances which dated back to November 1976.
All these began on January 2 1972 when I proposed to a high government official that Malaysia would be well-placed to have a conglomerate of its own at the inception of the New Economic Policy (NEP) conceptualised by the team led by the Father of Development, Tun Abdul Razak, a statesman.
Read more:
http://www.btimes.com.my/Current_News/BTIMES/articles/simelet/Article/index_html#ixzz0oQQBS7nn
Thursday, May 20, 2010
Wednesday, May 19, 2010
NCIA, Hannan to set up aquaculture farm in Kerian
NCIA, Hannan to set up aquaculture farm in Kerian
THE Northern Corridor Implementation Authority (NCIA) and Hannan Corp Sdn Bhd will set up a RM150 million aquaculture complex in Selinsing in Kerian district, Perak, which will have a capacity to produce some 14,400 tonnes of seafood per year.
The project involves a 760 site, which would have a feedmill, lab and processing factory. The project would take off in six months and the first production is expected next year. It would be implemented based on a contract-farming system, where locals, including graduates and fishermen, would be trained as aquapreneurs and the Japanese partner, Misaki Suisan Co Ltd, would buy back the produce.
"The project is not solely for profit but an effort by the state government to eradicate poverty and also provide employment and upgrade the social economic status of the residents," Perak Menteri Besar Datuk Seri Dr Zambry Abd Kadir said. He was speaking to reporters after witnessing the signing ceremony of the memorandum of understanding between NCIA and Hannan Corp in Ipoh yesterday.
NCIA was represented by its chief executive Datuk Redza Rafiq, while director Amir Ihsan Abd Salam signed on behalf of Hannan Corp. Misaki had entered an agreement with Hannan Corp to assist in training programmes in aquaculture as well as in purchasing the prawns. Each aquapreneur would be allocated five ponds and each pond is expected to produce 10 tonnes of seafood with three production cycles a year.
The project would also provide employment to 1,000 people as technicians, workers in hatchery, processing factory and related jobs. The prawns would be for local consumption and export. Zambry said the state government is in the final stage of drawing up guidelines and policies for the prawn industry so that it would not cause any negative impact on the environment. Manjung, Hilir Perak, Larut, Matang and Selama are the main districts which have a large number of prawn breeders.
Read more:
http://www.btimes.com.my/Current_News/BTIMES/articles/prawn/Article/#ixzz0oKR1lhs6
http://thestar.com.my/metro/story.asp?file=/2010/3/31/north/5958256&sec=north
http://www.bharian.com.my/bharian/articles/Utara_Ternakudangkomersial/Article
SIGNING OF MEMORANDUM OF UNDERSTANDING BETWEEN NCIA AND HSBC FOR THE DEVELOPMENT OF SELINSING AQUACULTURE COMPLEX ~ 6 April 2010
29 March 2010, Ipoh, Perak – The Northern Corridor Implementation Authority (NCIA) today signed a Memorandum of Understanding with Hannan Corporation Sdn. Bhd. (HCSB) for a collaboration in developing the Selinsing Aquaculture Complex in a joint effort to continue implementing sustainable agriculture programmes. The programme’s main objective is to augment poverty eradication efforts by providing employment opportunities through the contract farming amongst the participants. At the ceremony, NCIA was represented by its Chief Executive Dato’ Redza Rafiq whilst HCSB was represented by its Director Tuan Haji Ir. Amir Ihsan Abd Salam. The signing ceremony was made more eventful with the presence of The Right Honourable Dato’ Seri Dr. Zambry Abdul Kadir, the Chief Minister of Perak who witnessed the ceremony together with community leaders and members of the media.
Read more >>
http://www.ncer.com.my/?q=media_centre/news_article&nid=985
http://www.ncer.com.my/?q=media_centre/events_article&nid=983
THE Northern Corridor Implementation Authority (NCIA) and Hannan Corp Sdn Bhd will set up a RM150 million aquaculture complex in Selinsing in Kerian district, Perak, which will have a capacity to produce some 14,400 tonnes of seafood per year.
The project involves a 760 site, which would have a feedmill, lab and processing factory. The project would take off in six months and the first production is expected next year. It would be implemented based on a contract-farming system, where locals, including graduates and fishermen, would be trained as aquapreneurs and the Japanese partner, Misaki Suisan Co Ltd, would buy back the produce.
"The project is not solely for profit but an effort by the state government to eradicate poverty and also provide employment and upgrade the social economic status of the residents," Perak Menteri Besar Datuk Seri Dr Zambry Abd Kadir said. He was speaking to reporters after witnessing the signing ceremony of the memorandum of understanding between NCIA and Hannan Corp in Ipoh yesterday.
NCIA was represented by its chief executive Datuk Redza Rafiq, while director Amir Ihsan Abd Salam signed on behalf of Hannan Corp. Misaki had entered an agreement with Hannan Corp to assist in training programmes in aquaculture as well as in purchasing the prawns. Each aquapreneur would be allocated five ponds and each pond is expected to produce 10 tonnes of seafood with three production cycles a year.
The project would also provide employment to 1,000 people as technicians, workers in hatchery, processing factory and related jobs. The prawns would be for local consumption and export. Zambry said the state government is in the final stage of drawing up guidelines and policies for the prawn industry so that it would not cause any negative impact on the environment. Manjung, Hilir Perak, Larut, Matang and Selama are the main districts which have a large number of prawn breeders.
Read more:
http://www.btimes.com.my/Current_News/BTIMES/articles/prawn/Article/#ixzz0oKR1lhs6
http://thestar.com.my/metro/story.asp?file=/2010/3/31/north/5958256&sec=north
http://www.bharian.com.my/bharian/articles/Utara_Ternakudangkomersial/Article
SIGNING OF MEMORANDUM OF UNDERSTANDING BETWEEN NCIA AND HSBC FOR THE DEVELOPMENT OF SELINSING AQUACULTURE COMPLEX ~ 6 April 2010
29 March 2010, Ipoh, Perak – The Northern Corridor Implementation Authority (NCIA) today signed a Memorandum of Understanding with Hannan Corporation Sdn. Bhd. (HCSB) for a collaboration in developing the Selinsing Aquaculture Complex in a joint effort to continue implementing sustainable agriculture programmes. The programme’s main objective is to augment poverty eradication efforts by providing employment opportunities through the contract farming amongst the participants. At the ceremony, NCIA was represented by its Chief Executive Dato’ Redza Rafiq whilst HCSB was represented by its Director Tuan Haji Ir. Amir Ihsan Abd Salam. The signing ceremony was made more eventful with the presence of The Right Honourable Dato’ Seri Dr. Zambry Abdul Kadir, the Chief Minister of Perak who witnessed the ceremony together with community leaders and members of the media.
Read more >>
http://www.ncer.com.my/?q=media_centre/news_article&nid=985
http://www.ncer.com.my/?q=media_centre/events_article&nid=983
Saturday, May 15, 2010
Sime probe should be made group-wide
Sime probe should be made group-wide
A popular line in the corporate world is that about 75 to 80 per cent of all mergers fail. Should Sime Darby Bhd (4197) be in that statistic? The short answer should be no. But undoubtedly the revelation of almost RM1 billion in losses would not help its cause.
The RM964 million hit is enough to almost wipe out its entire first-half net profit of RM1.11 billion and it could hurt its dividend payout for the year to June 30 2010. Another damage is likely to be its market value. As at May 12, the group was worth RM51.9 billion, making it the country's second most valuable listed company. It is also quite close to the leader Malayan Banking Bhd, which has a market value of RM53.8 billion.
Its reputation as a major conglomerate would also take a hit as Sime was one of the poster boys of the country's plan to reform its government-linked companies (GLCs). The group is a combination of three listed groups, the so-called mega merger, of Kumpulan Guthrie Bhd, Golden Hope Plantations Bhd and the former smaller Sime Darby. In fact, Sime could claim to be ahead of its GLC siblings in the race to become a regional champion by 2010 as per the GLC transformation schedule. In 2009, more than two-thirds of its revenue came from abroad.
Founded in 1910, the group employs more than 100,000 people in over 20 countries. So far, what we know now is that there have been questionable decisions related to corporate governance and these mistakes, which are being probed into, would lead to a big hit in its finances. The probe is centred in its energy and utilities division. The board started to probe one project but more questions surfaced on two others.
But the board doesn't plan to initiate a group-wide probe. This is rather unfortunate because minority shareholders would probably be concerned that if corporate governance was poorly exercised in one division, what about the four other core businesses? Sime makes most of its money from its plantation business but it also has interests in property, motors, industrial equipment and healthcare.
The board should establish that it has nothing to worry about from all its other businesses. It has already hired six outside consultants of legal firms and auditors, so it could ask them to expand their checks. Sime chairman Tun Musa Hitam said there was no basis to check other divisions because there is no basis to do so. In other words, no alarm has been raised. But using a simple analogy, if a room in our house catches fire, we would put it out and check the rest of the house because the same thing could also happen in other rooms.
Datuk Seri Ahmad Zubir Murshid has now paid the price because the losses came under his watch as group chief executive. But what about the board? There are those who are drawing a parallel to what happened at Maybank and how the lender's board have changed since reporting losses from the purchase of its Indonesian bank. The board is the ultimate caretaker of a company as it work to protect the interests of shareholders. This means that they are also responsible. At the very least, the directors need to offer their resignation.
Read more:
1. http://biz.thestar.com.my/news/story.asp?file=/2010/5/13/business/20100513102928&sec=business
2. http://www.btimes.com.my/Current_News/BTIMES/articles/simgo/Article/
3. http://www.btimes.com.my/Current_News/BTIMES/articles/wkn14/Article/index_html
4. http://biz.thestar.com.my/news/story.asp?file=/2010/5/15/business/6268762&sec=business
5. http://biz.thestar.com.my/news/story.asp?file=/2010/5/14/business/6259674&sec=business
6. http://www.theedgemalaysia.com/in-the-financial-daily/166058-sime-darbys-zubir-axed.html
A popular line in the corporate world is that about 75 to 80 per cent of all mergers fail. Should Sime Darby Bhd (4197) be in that statistic? The short answer should be no. But undoubtedly the revelation of almost RM1 billion in losses would not help its cause.
The RM964 million hit is enough to almost wipe out its entire first-half net profit of RM1.11 billion and it could hurt its dividend payout for the year to June 30 2010. Another damage is likely to be its market value. As at May 12, the group was worth RM51.9 billion, making it the country's second most valuable listed company. It is also quite close to the leader Malayan Banking Bhd, which has a market value of RM53.8 billion.
Its reputation as a major conglomerate would also take a hit as Sime was one of the poster boys of the country's plan to reform its government-linked companies (GLCs). The group is a combination of three listed groups, the so-called mega merger, of Kumpulan Guthrie Bhd, Golden Hope Plantations Bhd and the former smaller Sime Darby. In fact, Sime could claim to be ahead of its GLC siblings in the race to become a regional champion by 2010 as per the GLC transformation schedule. In 2009, more than two-thirds of its revenue came from abroad.
Founded in 1910, the group employs more than 100,000 people in over 20 countries. So far, what we know now is that there have been questionable decisions related to corporate governance and these mistakes, which are being probed into, would lead to a big hit in its finances. The probe is centred in its energy and utilities division. The board started to probe one project but more questions surfaced on two others.
But the board doesn't plan to initiate a group-wide probe. This is rather unfortunate because minority shareholders would probably be concerned that if corporate governance was poorly exercised in one division, what about the four other core businesses? Sime makes most of its money from its plantation business but it also has interests in property, motors, industrial equipment and healthcare.
The board should establish that it has nothing to worry about from all its other businesses. It has already hired six outside consultants of legal firms and auditors, so it could ask them to expand their checks. Sime chairman Tun Musa Hitam said there was no basis to check other divisions because there is no basis to do so. In other words, no alarm has been raised. But using a simple analogy, if a room in our house catches fire, we would put it out and check the rest of the house because the same thing could also happen in other rooms.
Datuk Seri Ahmad Zubir Murshid has now paid the price because the losses came under his watch as group chief executive. But what about the board? There are those who are drawing a parallel to what happened at Maybank and how the lender's board have changed since reporting losses from the purchase of its Indonesian bank. The board is the ultimate caretaker of a company as it work to protect the interests of shareholders. This means that they are also responsible. At the very least, the directors need to offer their resignation.
Read more:
1. http://biz.thestar.com.my/news/story.asp?file=/2010/5/13/business/20100513102928&sec=business
2. http://www.btimes.com.my/Current_News/BTIMES/articles/simgo/Article/
3. http://www.btimes.com.my/Current_News/BTIMES/articles/wkn14/Article/index_html
4. http://biz.thestar.com.my/news/story.asp?file=/2010/5/15/business/6268762&sec=business
5. http://biz.thestar.com.my/news/story.asp?file=/2010/5/14/business/6259674&sec=business
6. http://www.theedgemalaysia.com/in-the-financial-daily/166058-sime-darbys-zubir-axed.html
Tuesday, May 11, 2010
Swiftlet farming firm raided
Swiftlet farming firm raided
KUALA LUMPUR: A swiftlet farming company in Kulim, Kedah, was raided by the Companies Commission of Malaysia for allegedly offering the public high investment returns in a swiftlet farming scheme.
The company has been claiming that it can offer investors up to 80% share of the sales proceeds if a person invested anything from RM4,000 to RM400,000. The company’s modus operandi is to engage the public in a swiftlet farming investment scheme, the commission said in a statement.
The commission is investigating the company under Section 84(1) and Section 91(1) of the Companies Act, for allegedly running an investment scheme without the prior approval of the Registrar of Companies. “We will continue to monitor all companies offering interest schemes to the public to protect the interest of the people,” the statement added.
The Staronline Tuesday May 11, 2010
THE Companies Commission of Malaysia (SSM) has raided the business premises of Aeroswift Consultancy Sdn Bhd, which is suspected of offering the public investment opportunity in swiftlet farming with promises of huge returns. In a statement issued yesterday, SSM said the Kulim-based firm would claim it will manage and farm the swiftlets to obtain bird nests, which will be sold and shared at a ratio of 20:80 for the company and investor respectively.
It invites the public to invest up to RM400,000 and promised gross sales of RM120,000 a month and has been under surveillance prior to the raid.
Read more: http://www.btimes.com.my/Current_News/BTIMES/articles/20100511001854/Article/
KUALA LUMPUR: A swiftlet farming company in Kulim, Kedah, was raided by the Companies Commission of Malaysia for allegedly offering the public high investment returns in a swiftlet farming scheme.
The company has been claiming that it can offer investors up to 80% share of the sales proceeds if a person invested anything from RM4,000 to RM400,000. The company’s modus operandi is to engage the public in a swiftlet farming investment scheme, the commission said in a statement.
The commission is investigating the company under Section 84(1) and Section 91(1) of the Companies Act, for allegedly running an investment scheme without the prior approval of the Registrar of Companies. “We will continue to monitor all companies offering interest schemes to the public to protect the interest of the people,” the statement added.
The Staronline Tuesday May 11, 2010
THE Companies Commission of Malaysia (SSM) has raided the business premises of Aeroswift Consultancy Sdn Bhd, which is suspected of offering the public investment opportunity in swiftlet farming with promises of huge returns. In a statement issued yesterday, SSM said the Kulim-based firm would claim it will manage and farm the swiftlets to obtain bird nests, which will be sold and shared at a ratio of 20:80 for the company and investor respectively.
It invites the public to invest up to RM400,000 and promised gross sales of RM120,000 a month and has been under surveillance prior to the raid.
Read more: http://www.btimes.com.my/Current_News/BTIMES/articles/20100511001854/Article/
Saturday, May 8, 2010
Planters want Tuns to help fight their cause
Planters want Tuns to help fight their cause
Oil palm planters believe that Tun Dr Mahathir Mohamad and Tun Dr Lim Keng Yaik can outsmart, outdebate and outtalk all these NGOs who are spreading lies about oil palm planting.
Oil palm planters want the government to appoint Tun Dr Mahathir Mohamad and Tun Dr Lim Keng Yaik as special envoys of the industry to help counter unfounded allegations against the commodity. Earlier this week, planters from Malaysia and Indonesia, the world's top two palm oil producers, formed a coalition to deal with intensifying opposition.
Fierce rivalry from competing vegetable oils grown in Europe and North America has seen some underhanded tactics being adopted by developed nations to curb the growth of the palm oil trade. Well-funded activist groups like Greenpeace, Friends of the Earth and Rainforest Action Network from Europe and North America and their affiliates in Malaysia and Indonesia blame the planters for destroying forests and decimating the orang utan population.
"Dr M and Keng Yaik are both sharp and articulate. They can outsmart, outdebate and outtalk all these NGOs who are spreading lies about oil palm planting," Incorporated Society of Planters chairman Daud Amatzin said. Daud is also the executive director of Felda Plantations Sdn Bhd. Dr Mahathir was Prime Minister for 22 years until 2003. Dr Lim was Primary Industries Minister from 1986 to 2004 and Energy, Water and Communications Minister from 2004 to 2008.
Although both Dr Mahathir and Dr Lim have long retired from government service, they continue to participate actively in public lectures and gatherings.
Read more: >> http://www.btimes.com.my/Current_News/BTIMES/articles/limKY-2/Article/index_html
Oil palm planters believe that Tun Dr Mahathir Mohamad and Tun Dr Lim Keng Yaik can outsmart, outdebate and outtalk all these NGOs who are spreading lies about oil palm planting.
Oil palm planters want the government to appoint Tun Dr Mahathir Mohamad and Tun Dr Lim Keng Yaik as special envoys of the industry to help counter unfounded allegations against the commodity. Earlier this week, planters from Malaysia and Indonesia, the world's top two palm oil producers, formed a coalition to deal with intensifying opposition.
Fierce rivalry from competing vegetable oils grown in Europe and North America has seen some underhanded tactics being adopted by developed nations to curb the growth of the palm oil trade. Well-funded activist groups like Greenpeace, Friends of the Earth and Rainforest Action Network from Europe and North America and their affiliates in Malaysia and Indonesia blame the planters for destroying forests and decimating the orang utan population.
"Dr M and Keng Yaik are both sharp and articulate. They can outsmart, outdebate and outtalk all these NGOs who are spreading lies about oil palm planting," Incorporated Society of Planters chairman Daud Amatzin said. Daud is also the executive director of Felda Plantations Sdn Bhd. Dr Mahathir was Prime Minister for 22 years until 2003. Dr Lim was Primary Industries Minister from 1986 to 2004 and Energy, Water and Communications Minister from 2004 to 2008.
Although both Dr Mahathir and Dr Lim have long retired from government service, they continue to participate actively in public lectures and gatherings.
Read more: >> http://www.btimes.com.my/Current_News/BTIMES/articles/limKY-2/Article/index_html
Monday, May 3, 2010
Will planters ease differences?
Will planters ease differences?
Indonesian and Malaysian oil palm growers are meeting in Kuching, Sarawak, today to come out with strategies which they hope can counter their critics’ arguments.
Disgruntled oil palm growers in Indonesia are meeting up with some of their Malaysian counterparts in Kuching, Sarawak, today to put together strategies which they hope can counter their critics’ arguments. Environment impact, carbon emissions, biodiversity, land use rights are but some of the issues. There have been several hints of a new or alternative certification for their golden produce.
This is to counter the “criteria-heavy” certification process they are subjected to under the Roundtable on Sustainable Palm Oil (RSPO) principles and criteria in order to ship to Europe. The stringent demands from the European Union (EU) have burdened Indonesia and Malaysia, which make up over 85 per cent of world production.
The Indonesians are more vehement in this regard and, last week, its director-general of plantation crops at its agriculture ministry, Achmad Manggabarani, spoke of plans (by the government) to issue Indonesian Sustainable Palm Oil (ISPO) certification to cover production from field to factory. And, he expects it to be out this year. One cannot blame them, considering that only three out of 11 Indonesian growers have received the RSPO certification to date.
Read more >> http://www.btimes.com.my/Current_News/BTIMES/articles/20100503001712/Article/
Indonesian and Malaysian oil palm growers are meeting in Kuching, Sarawak, today to come out with strategies which they hope can counter their critics’ arguments.
Disgruntled oil palm growers in Indonesia are meeting up with some of their Malaysian counterparts in Kuching, Sarawak, today to put together strategies which they hope can counter their critics’ arguments. Environment impact, carbon emissions, biodiversity, land use rights are but some of the issues. There have been several hints of a new or alternative certification for their golden produce.
This is to counter the “criteria-heavy” certification process they are subjected to under the Roundtable on Sustainable Palm Oil (RSPO) principles and criteria in order to ship to Europe. The stringent demands from the European Union (EU) have burdened Indonesia and Malaysia, which make up over 85 per cent of world production.
The Indonesians are more vehement in this regard and, last week, its director-general of plantation crops at its agriculture ministry, Achmad Manggabarani, spoke of plans (by the government) to issue Indonesian Sustainable Palm Oil (ISPO) certification to cover production from field to factory. And, he expects it to be out this year. One cannot blame them, considering that only three out of 11 Indonesian growers have received the RSPO certification to date.
Read more >> http://www.btimes.com.my/Current_News/BTIMES/articles/20100503001712/Article/
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