Sime Darby removes CFO on trading losses

11 June 2008 03:41  [Source: ICIS news]

SINGAPORE (ICIS news)--Malaysia’s palm oil producer Sime Darby removed its chief financial officer (CFO) Razidan Ghazalli on Tuesday after an inquiry into trading losses of M$120m ($36.7m) at its subsidiary Golden Jomalina Food Industries.

The vice president of its downstream and biofuels department Muhammad Mohan Kittu Abdullah was also removed in conjunction with the losses, the firm said in a statement to the Kuala Lumpur Stock Exchange (KLSE).

The deficit - racked up through futures trading - began in October 2006. It ended in August 2007 when it was discovered several months before the merger of Golden Hope Plantations, Kumpulan Guthrie and Sime Darby, the company spokesperson said.

($1 = M$3.27)

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Author: Serene Cheong
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