Sime Darby Berhad is currently under investigations by the Malaysian Anti-Corruption Commission (MACC) on the massive losses suffered by the conglomerate. The commission will begin by probing the internal enquiry carried out by the company. According to the NST, Sime Darby’s internal investigation, said to have been initiated in 2009, is to ascertain the extent of losses in its energy and utilities division and whether there was any activity going beyond bad investments.

It was also announced that the MACC might look into other divisions and projects of the conglomerate. MACC investigations director, Mustafar Ali, confirmed that the investigation had begun. He was reported as saying, “… we’ll deal with this one with urgency, not only because this probably involves billions of ringgit but also the interests of the people.”

Sime Darby recently confirmed that it would have to post massive losses suffered in four of its projects, namely the Qatar Petroleum project, the Maersk Oil Qatar project, the MOQ marine project and the Bakun Hydroelectric project in Sarawak.

Meanwhile, the Minority Shareholder Watchdog Group (MSWG) has called on Sime Darby to be accountable to its shareholders for its massive losses at its energy and utilities (E&U) division.

In a statement released recently, MSWG stated that the board of the conglomerate should deal with the estimated RM1 billion in cost overruns arising from four of its projects in a transparent manner.

The MSWG also raised the issue of the role of Sime Darby’s independent directors in overseeing the governance of the company, and whether the group should redirect its attentions to its core business in order to streamline the management of the company.

The conglomerate's external auditors are Pricewaterhouse Coopers.