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Extracted
from Malaysiakini
Sime Darby probes Bakun Dam
losses
May 6,
Sime Darby Bhd has confirmed that a taskforce
is investigating all aspects of its energy and utilities division's operations
in an effort to address the tough and challenging situation it faced.
"The taskforce has yet to complete its investigations. Once completed, the
group will make all relevant disclosures, during the third quarter results on
May 27," it said in a statement here today.
Sime Darby said the taskforce is looking at all
aspects of the division, including its engineering works in
It also said the management is aware of the difficulties and challenges
besetting the division, especially with regards to operational efficiency and
project management.
The group is currently addressing the situation by implementing appropriate
measures.
According to a recent news report, Sime Darby
reportedly recorded more than RM1 billion in total cost overruns from civil works
on the Bakun hydro-electric project.
The energy and utilities division also recorded an operating loss of RM110
million in the second half of 2009 compared with a profit of RM56.3 million
previously.