RM1.3b Scorpene support contract

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Boustead Holdings Bhd has revealed that one of its companies has received a letter of award from the government for a RM1.3 billion ‘in-service support’ contract for the navy’s Scorpene submarines.

The total contract sums amount to 193 million euros (RM785 million) and RM532 million, running up to 2015. That adds up to RM1.3 billion.

This is different from the RM115 million euro (RM467 million) contract amount with Perimekar Sdn Bhd, which Najib announced in 2008 – something that I don’t understand.

The other question is, what kind of expertise does Boustead have in submarine maintenance? “There is talk of transfer of technology, but if you look at what kind of technology has been transferred to Malaysian car manufacturers, you wouldn’t be too optimistic,” said a political economist.

Boustead made the following announcement to Bursa on 13 August 2010:

Boustead Holdings Berhad wishes to announce that a subsidiary of BHIC (a subsidiary held via BHIC Defence Technologies Sdn Bhd), Boustead DCNS Naval Corporation Sdn Bhd, had received a LETTER OF AWARD dated 12 August 2010 from the Government of Malaysia for the contract to undertake In Service Support (ISS) for the two Royal Malaysian Navy’s Prime Minister Class Scorpene Submarines (“the Contract”). The Contract is for total contract sums of EUR 193 million and RM 532 million and is effective for a period ending 30 November 2015.

The contract includes a full Submarine Integrated Logistics Support package. This consists of a comprehensive spare parts package as well as the outfitting of workshop equipment, respective yard facilities and equipment, submarine safety conditioning facilities and their corresponding upkeep and maintenance. The contract also covers tug boat services and the operation and maintenance of the shiplift, transfer system and submarine “umbilical services”.

Further, in accordance to the National Defence Industry Policy, in the fulfillment of the Contract, emphasis is placed on the transfer of technology, know-how and skills-set from the French to the Malaysian personnel as this is crucial to ensure local participation, self reliance and local content.

The Contract will have a material effect on the earnings of BHIC for the financial year ending 31 December 2010, and will contribute positively to the future earnings of BHIC Group.

None of the directors nor substantial shareholders of the Company, or persons connected with them, has any interest, direct or indirect, in the Contract.

The top three shareholders of Boustead as at 29 January 2010 are:

1. LEMBAGA TABUNG ANGKATAN TENTERA 58.24%
2. SCOTIA NOMINEES (TEMPATAN) SDN BHD  2.31%
PLEDGED SECURITIES ACCOUNT FOR CHE LODIN BIN WOK KAMARUDDIN
3. MAYBAN NOMINEES (TEMPATAN) SDN BHD 2.20%

(Lodin Wok Kamaruddin is the Managing Director of Boustead Holdings Bhd and Chief Executive of Lembaga Tabung Angkatan Tentera. He is also Chairman of Boustead Heavy Industries Corporation and 1Malaysia Development Berhad, formerly known as Terengganu Investment Authority Berhad.)

BHIC’s Annual Report for 2009 reveals that Boustead Holdings Bhd has a 65 per cent interest in BHIC. LTAT holds a further 8 per cent direct stake in BHIC. (And who owns the rest?)

BHIC in turn holds a 100 per cent stake in Boustead Penang Shipyard Sdn Bhd, which in turn holds a 100 per cent stake in Boustead Defense Technologies Sdn Bhd, an investment holding company with paid-up capital of RM100,000.

BHIC Defence Technologies Sdn Bhd holds a 60 per cent stake in joint venture firm Boustead DCNS Naval Corp Sdn Bhd, which has a paid up capital of RM6 million. The remaining 40 per cent is held by France-based DCNS S.A.

Boustead Holdings Berhad also has a 20 per cent stake in associated company Perimekar Sdn Bhd, a company with a paid-up capital of RM1 million that hit the news over a controversial submarine support services contract. Najib then revealed in Parliament in 2008 that Perimekar was owned by Lembaga Tabung Angkatan Tentera (LTAT), Boustead Holdings Berhad dan K S Ombak Laut Sdn Bhd.

Prime Minister Najib said in parliament then that the contract with Perimekar was for 115 million euros:

Sehubungan dengan dakwaan yang dibuat oleh Ahli Yang Berhormat Permatang Pauh bahawa Syarikat Perimekar Sdn. Bhd. menerima komisen EURO 114.96 juta berkaitan dengan pembelian kapal selam “Scorpene”, kementerian ini menegaskan bahawa kerajaan TIDAK ADA DAN TIDAK PERNAH membayar sebarang komisyen sama ada secara langsung atau tidak langsung kepada syarikat berkenaan. Perolehan kapal selam tersebut telah dibuat secara runding terus selaras dengan tatacara perolehan kerajaan dengan Syarikat pembuat iaitu Perancis dan Sepanyol yang telah mendapat persetujuan kerajaan masing-masing.

Kontrak Perolehan kapal selam ini telah ditandatangani pada 5 Jun 2002 oleh Kerajaan Malaysia dengan Syarikat DCNS (Perancis) dan Syarikat NAVANTIA (Sepanyol) selaku pembekal kapal selam dan Perimekar Sdn Bhd sebagai Project Services Provider. Nilai kontrak ini ialah EURO1.084 bilion. Skop kontrak ini terbahagi kepada dua bahagian iaitu :

a) Bahagian Pertama : Antara Kerajaan Malaysia dengan Syarikat DCNS (Perancis) dan NAVANTIA (Sepanyol) merangkumi perolehan dua buah kapal selam jenis SCORPENE, pakej Integrated Logistic Support (ILS) dan latihan untuk warga kapal selam SCORPENE. Nilai bahagian ini ialah EURO969.15 juta.

b) Bahagian Kedua : Antara Kerajaan Malaysia dengan Perimekar Sdn Bhd merangkumi perkhidmatan koordinasi dan sokongan kepada Pasukan Projek Kapal Selam TLDM di Cherbourg, Perancis dan Cartagena, Sepanyol serta pelatih-pelatih kapal selam di Brest, Perancis. Nilai bahagian ini ialah EURO114.96 juta.

Kerajaan tidak membuat sebarang rundingan pembelian dengan syarikat Perimekar Sdn. Bhd. Syarikat Perimekar Sdn. Bhd. yang didakwa terlibat dalam pembelian dan menerima komisyen, sebenarnya diberi kontrak menyediakan perkhidmatan sokongan “service provider” dan koordinasi untuk tempoh enam tahun. Selain itu, segala perbelanjaan untuk projek kapal selam ini dapat dikawal dan dijadualkan manakala perbelanjaan di luar jangka (cost over-run) dapat dielakkan memandangkan pelaksanaan projek perolehan kapal selam memakan tempoh masa yang panjang iaitu selama enam tahun serta melibatkan bilangan seramai 213 anggota yang terdiri dari pegawai dan pelatih. Nilai kontrak tersebut adalah sebanyak EURO 114.96 juta yang dibayar secara berperingkat mengikut kemajuan projek kapal selam. Sehingga kini, sebanyak EURO 95.54 juta atau 83.11% telah dibayar kepada syarikat tersebut….

Syarikat Perimekar Sdn. Bhd. adalah dimiliki oleh Lembaga Tabung Angkatan Tentera (LTAT), Boustead Holdings Berhad dan K.S. Ombak Laut Sdn. Bhd. Perkhidmatan sokongan dan koordinasi yang disediakan adalah seperti berikut :

A. SKOP KERJA PERKHIDMATAN SOKONGAN

i) Menyediakan kemudahan kediaman berserta kelengkapan untuk tim projek bagi 27 keluarga pegawai di Perancis dan Sepanyol untuk tempoh enam tahun.

ii) Menyediakan pejabat urusan dan kediaman berserta kelengkapan bagi krew kapal TLDM seramai 156 orang dan 30 staf penyelenggara pangkalan untuk tempoh empat tahun di Perancis dan Sepanyol.

iii) Menyediakan insurans kesihatan bagi anggota serta keluarga tim projek dan krew kapal selam di Perancis dan Sepanyol.

iv) Membayar elaun harian dan elaun krew kapal selam sebanyak EURO 50 sehari seorang untuk tiga tahun pertama dan EURO 60 sehari seorang untuk tiga tahun kedua.

v) Membiayai kos penerbangan pergi dan balik bagi setiap krew kapal selam untuk balik bercuti ke Malaysia pada setiap empat bulan (tiga kali setahun).

vi) Lain-lain keperluan tim projek dan krew kapal selam di Perancis dan Sepanyol.

B. SKOP KERJA PERKHIDMATAN KOORDINASI

i) Bertanggungjawab memastikan penyertaan syarikat Malaysia dalam pembinaan dan membantu syarikat-syarikat Malaysia yang berpotensi untuk menyertai program off set.

ii) Membantu kontraktor utama dalam memberi maklumat tentang prosedur kerajaan berhubung pelaksanaan kontrak.

iii) Menyelaras latihan krew kapal selam antara kontraktor dengan kerajaan.

iv) Menyediakan laporan koordinasi setiap bulan.

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observer

In the first place do we need submarines? It’s money wasted. This is how the present government waste taxpayers’ money. We need a change of government. We need more leaders like Khalid Ibrahim, MB of Selangor and Lim Guan Eng, CM of Penang. So, please vote for Pakatan Rakyat comes the next GE. Also, we need more young leaders within Pakatan Rakyat rise up to bring a new life to Malayian politics.

Yang

Yes CHANGE IS WHAT WE NEED. CHANGE CHANGE CHNAGE

pala richie

So the infamous ex ‘PSC-Naval Dockyard’ is back in the news. The shipyard created under government’s privatization program. Read the Wikipedia on PSC-Naval Dockyard, to now their business operendi. Whatever it is, this is the same shipyard that destroy other local shipyard, such as Hong-Leong Lurssen Shipyard in Butterworth, a shipyard that I used to work with. Before Naval Dockyard, Hong Leong Lurseen is providing most of the service and shipbuilding to the Navy in the seventies and eighties. They build the expertise in shipbuilding (with the famous German shipbuilder, Lurssen), particularly in FPB (fast patrol boat) for M’sia Navy… Read more »

limko1

Minister Dato’ Idris Jala, please remember to take this latest addition in your projection when Malaysia will go bankrupt.

tunglang

Korek
Korek
Korek
Korek
Korek
Kore..
Kor….
Ko…..
K…….
(Habis, Kosong, Bankrupt)

telur dua

At the rate they are going, we won’t have many more billions left.

wandererAUS

AFTER A GRAND DINNER, FOLLOW UP, WITH THE SWEET DESERTS.
S…! there goes my money again!

Janice

The ghost of the Mongolian lady will continue to haunt the submarine contract that is lacking transparency.