17 December 2010

MACC and SC share findings of Sime Darby’s investigative reports with RMP and SSM

The Malaysian Anti-Corruption Commission (“MACC”) and the Securities Commission (“SC”) have completed their review of the reports submitted by Sime Darby Berhad (“Sime Darby”), namely the Report of the Investigative Reports Review Committee of Sime Darby dated 20th September 2010, and reports prepared by the forensic and legal consultants appointed by the board of Sime Darby. These were in respect of four key projects in Sime Darby’s Energy & Utilities Division, which are the Qatar Petroleum Project, the Maersk Oil Qatar Project, the Bakun Hydroelectric Dam Project and the Marine Project.

In reviewing the reports, the MACC and the SC have collaborated and worked closely together to identify the breaches of relevant laws arising from the information disclosed in the reports. After the completion of the review, the MACC and the SC have earlier this week convened a meeting with the Royal Malaysia Police (“RMP”) and the Companies Commission of Malaysia (“SSM”) to share their findings of possible breaches under the Penal Code and the Companies Act. The relevant reports were also handed over to the RMP and the SSM for their further action with regard to breaches that fall within their respective jurisdictions.

Where offences straddle several jurisdictions, the enforcement bodies will work together to ensure that investigations undertaken are thorough and holistic.

The MACC’s investigations into the areas of corruption under the Anti-Corruption Act 1997 and Malaysian Anti-Corruption Commission Act 2009 are still ongoing, while the SC has initiated investigations into potential breaches of the Capital Markets & Services Act 2007. In the meantime, the SC and Bursa Malaysia have worked closely to identify the various breaches of the Listing Requirements, and the SC will be issuing show cause letters to persons in breach.