KUALA LUMPUR: ''Sime Darby filed a second civil suit today against former president and group chief executive Datuk Seri Ahmad Zubir Murshid and two other ex-executives for breach of trust and fiduciary duty.
The suit, filed at the New Commercial Court registry through Messrs Zaid & Co, seeks damages for at least RM92.2 million, interest and costs to be paid by the defendants for breach of trust and fiduciary duty in the Bakun project.
In the suit SIME DARBY BHD [] and its three subsidiaries, Sime Engineering Sdn Bhd, Sime Darby Holdings Berhad and Sime Darby Energy Sdn Bhd, named Datuk Seri Ahmad Zubir @ Ahmad Zubir Murshid, Datuk Mohamad Shukri Baharom (former executive vice president of the group's energy & utilities division) and Abdul Rahim Ismail (former chief financial officer of the group's energy & utilities division) as defendants.
The group wants an order from court that Ahmad Zubir, Mohamad Shukri and Abdul Rahim make restitution of RM74 million and RM16.5 for wrongful pay-out in the Bakun project, and an order that Mohamad Shukri and Ahmad Rahim each make restitution of RM851,313.49.
The group also seeks an order that damages be assessed and paid by each of the three defendants for wrongfully giving away plants to Sinohydro in the Bakun project, and an order that damages to be assessed for all losses caused by the defendants and suffered by the plaintiffs in the Bakun project.
The plaintiffs want an order that the defendants pay the damages on the basis that each of the defendants acted in breach of trust and fiduciary duty, interest and costs, deemed fit by the court.
The Bakun Dam project at Sungai Balui, Sungai Rejang, Sarawak, is the largest hydropower project in Malaysia, with a proposed capacity of 2,400 megawatts'' of electricity once completed. The dam was to be built in 1994 and expected to be completed by December 2010.
According to the suit, the Sime darby board of directors had by September 2007 become aware of cost over-runs in four projects, including Bakun.
Yesterday, Sime Darby Bhd, Sime Engineering Sdn Bhd, Sime Darby Energy Sdn Bhd, Sime Darby Marine Sdn Bhd and Sime Darby Marine (Hong Kong) Sdn Bhd filed a civil suit against Ahmad Zubir, Mohamad Shukri, Abdul Rahim,'' Abdul Kadir Alias (former head of the oil & gas business unit of energy & utilities division) and Mohd Zaki Othman (former senior general manager of Sime Darby Engineering Sdn Bhd) for restitution of at least RM338mil, plus general and aggravated damages and other relief.
In a statement to Bursa Malaysia on Thursday, the conglomerate said the suit was related to its loss-making Qatar Petroleum, Maersk Oil Qatar and marine projects.
The High Court has set March 9 next year for case management before the High Court Senior Assistant Registrar Khairuddin Anhar Mahmud. ' Bernama
The suit, filed at the New Commercial Court registry through Messrs Zaid & Co, seeks damages for at least RM92.2 million, interest and costs to be paid by the defendants for breach of trust and fiduciary duty in the Bakun project.
In the suit SIME DARBY BHD [] and its three subsidiaries, Sime Engineering Sdn Bhd, Sime Darby Holdings Berhad and Sime Darby Energy Sdn Bhd, named Datuk Seri Ahmad Zubir @ Ahmad Zubir Murshid, Datuk Mohamad Shukri Baharom (former executive vice president of the group's energy & utilities division) and Abdul Rahim Ismail (former chief financial officer of the group's energy & utilities division) as defendants.
The group wants an order from court that Ahmad Zubir, Mohamad Shukri and Abdul Rahim make restitution of RM74 million and RM16.5 for wrongful pay-out in the Bakun project, and an order that Mohamad Shukri and Ahmad Rahim each make restitution of RM851,313.49.
The group also seeks an order that damages be assessed and paid by each of the three defendants for wrongfully giving away plants to Sinohydro in the Bakun project, and an order that damages to be assessed for all losses caused by the defendants and suffered by the plaintiffs in the Bakun project.
The plaintiffs want an order that the defendants pay the damages on the basis that each of the defendants acted in breach of trust and fiduciary duty, interest and costs, deemed fit by the court.
The Bakun Dam project at Sungai Balui, Sungai Rejang, Sarawak, is the largest hydropower project in Malaysia, with a proposed capacity of 2,400 megawatts'' of electricity once completed. The dam was to be built in 1994 and expected to be completed by December 2010.
According to the suit, the Sime darby board of directors had by September 2007 become aware of cost over-runs in four projects, including Bakun.
Yesterday, Sime Darby Bhd, Sime Engineering Sdn Bhd, Sime Darby Energy Sdn Bhd, Sime Darby Marine Sdn Bhd and Sime Darby Marine (Hong Kong) Sdn Bhd filed a civil suit against Ahmad Zubir, Mohamad Shukri, Abdul Rahim,'' Abdul Kadir Alias (former head of the oil & gas business unit of energy & utilities division) and Mohd Zaki Othman (former senior general manager of Sime Darby Engineering Sdn Bhd) for restitution of at least RM338mil, plus general and aggravated damages and other relief.
In a statement to Bursa Malaysia on Thursday, the conglomerate said the suit was related to its loss-making Qatar Petroleum, Maersk Oil Qatar and marine projects.
The High Court has set March 9 next year for case management before the High Court Senior Assistant Registrar Khairuddin Anhar Mahmud. ' Bernama
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