Sime Darby Group chairperson Musa Hitam remained mum over crucial details of the investigations into the company’s cost overrun fiasco , reportedly amounting to about RM1 billion.

He also refused to entertain calls by parties demanding for his resignation, and also refused answer questions on whether he is prepared to resign.

“Let the due process of the investigation run. If the conclusion shows that we are accountable, then we will take the responsibility,” he said.

The financial fiasco in the GLC - the biggest in the country - was revealed following the company board’s decision to ask chief executive officer Ahmad Zubir Murshid to take leave of absence.

He was blamed for the RM946 million in cost overruns from the Bakun hydroelectric project and three other energy and utilities project by the conglomerate under his leadership.

Following this, there has been calls for Musa’s resignation as well.

Musa promised that a thorough investigation would take place but was sketchy on details - such as the time frame and personalities to be investigated - but gave the assurance that it will be conducted by internal and external financial experts.

“We are not here to point fingers at anyone. We are just going to look at short-term solutions, as well as long-term solutions,” he said.

Dr M's RM1.8 bil claim

He also refused to address the claims, publicised by former prime minister Dr Mahathir Mohamad in his blog, that the total cost overrun could balloon up to RM1.8 billion.

“Let’s just stick to the figure in the statement,” he said, referring to the press release by the conglomerate on May 13.

He revealed that “restructuring of all levels” can be expected and that investigations will encompass all divisions in the conglomerate.

“Give us an opportunity to look into the whole group,” he said.

Speaking at a press conference after closing the sixth World Islamic Economic Forum in Kuala Lumpur Convention Centre on Thursday night, he said that he has always been espousing transparency even during his time as deputy prime minister, and that he has never done anything in bad faith.

He also vehemently defended the integrity of the board of directors, saying that the members are of the highest credibility.

“We have the courage to admit when necessary,” he said, during the lengthy press conference.

PM wants probe

The scandal first hit the limelight when a business daily reported  cost overruns with the hydroelectric Bakun Dam earlier this month.

However, Sime Darby said that the board of directors has been aware of the overruns when a board working group was formed in October last year to “assess the corporate governance and performance” of the conglomerate’s Sime Darby’s energy and utilities division.

The work group is chaired by Andrew Sheng Len Tao. Other group members include Wan Mohd Zahid Mohd Noordin and Zaitoon Othman.

They also discovered losses in the Bulhanine and Maydan Mahzam project with Qatar Petroleum (the "QP Project"), the Maersk Oil Qatar project (the "MOQ Project"), and a project concerning the construction of vessels for use in the MOQ Project (the "Marine Project").

President and group chief executive officer Ahmad Zubir Murshid has also been asked to take leave of absence until his term expires on Nov 26.

Prime Minister Najib Abdul Razak has asked for a probe of the losses but has refused to point fingers at the culprits. 

Sime Darby must find cause of RM1b losses, says PM