Former Sime Darby CEO Ahmad Zubir Murshid was acquitted today over two counts of criminal breach of trust (CBT).

This follows the public prosecutor's decision to discontinue the trial brought against Zubir in 2012, due to lack of evidence.

Deputy public prosecutor Ahmad Akram Gharib said there was no sufficient evidence to prove the case beyond doubt.

Zubir was charged with CBT that allegedly cost the company over RM100 million in losses.

He was also acquitted over two alternative counts of cheating.

The prosecutor told presiding judge Zulqarnain Hassan initially, the attorney-general had allowed the representation of Zubir dated July 22, but wanted the accused to be given a discharge not amounting to an acquittal (DNAA).

This, however did not sit well with defence council Yusof Zainal Abidin, who wanted Zubir to be acquitted.

"I ruled that the accused be acquitted and freed," said the judge after hearing the argument of both parties.

Akram told the media later that they had briefed the attorney-general after considering all the aspects of evidence and facts.

"We then decided to give the deputy public prosecutor the power to discontinue the trial under Section 254 (1) of the Criminal Procedure Code," he said after the trial.

The former CEO was charged under Section 409 of the Penal Code for CBT, with failing to prevent two companies from acquiring land earmarked for Sime Darby’s use in Sarawak, thereby forcing the corporation to later acquire the said companies to gain control of the land.

The prosecution claimed in both cases, Zubir as then-CEO in November 2008, despite having acquired state government approval for the use of said land by Sime Darby for its Sarawak Upstream Expansion Plan, had knowledge of the later award of said lands to Vertical Drive Sdn Bhd and Natural Ambience Sdn Bhd and had failed to act or take legal action to stop it.

Sime Darby later had to pay RM85 million and RM16 million to take over Vertical Drive and Natural Ambience respectively to gain control of the land.

Sime Darby shocked its investors in 2010 when it announced its energy and utilities division had suffered RM2.09 billion in overruns and provisions for loss-making projects, including the massive Bakun hydroelectric dam on Borneo.