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orchipalar
21-02-2006, 06:58 AM
Navy to get new patrol ships


IPOH, PERAK, Sun. The first two new-generation patrol vessels assembled by PSC-Naval Dockyard Sdn Bhd are expected to join the Royal Malaysian Navy fleet before the end of the year.

The delivery of the PV Pahang and PV Kedah has been delayed for nearly two years.

They were slated to join the RMN fleet in 2004 but due to financial problems which plagued the management of the Lumut-based PSC-ND, the vessels could not be completed within the timeframe provided by the Government.

"The trial runs of the vessels’ systems, including tests on the control systems and weapons capabilities, are progressing well," said Lumut RMN Fleet Commander Rear Admiral Datuk Abdul Aziz Jaafar.

He said if there were no hiccups, they would receive the PV Pahang by the middle of this year and the PV Kedah later in the year.

He also said 156 personnel were undergoing intensive training for patrol duties as soon as the vessels were commissioned.

"A team of 78 men, including 14 officers, will serve on board each of the two vessels," he said.

PV Pahang and PV Kedah, costing at least RM900 million each, are two of six vessels ordered by the Government from PSC-ND after the naval dockyard was privatised in 1995.

Both vessels were built at the Blohm and Voss shipyards in Hamburg, Germany, but outfitted in the PSC-ND facility in Lumut.

http://www.nst.com.my/Current_News/nst/Monday/National/20060220075547/Article/index_html

Err...how many read this news yesterday...which falls far short of reporting the...probably biggest blunders of gomen's past n existing administration...?

Ahem...yesterday our PM pains at the Billions of ringgits gone to waste...by poor maintenance of the gomen's n PUBLIC infrastructures n properties...

Err...how about him or his administration telling n admitting to everybody that the administration has taken so many of the public interests n turn them into more blunders after another...n wasting more Billions in the process since...as part of the gomen's freaking privatization programmes since...

n still today...they seems to be quite undecided n clueless as to how they could resolve those pending multi Billions wastages n blunders?...including this one? :rolleyes:

Thursday, March 10, 2005
Ship tycoon's sinking fortunes

Electric New Paper

He flew around in his own jet and signed business agreements in countries as far away as Ghana and Russia.

That was during the time of former Malaysian prime minister Mahathir Mohamad.

So prolific was he in inking memorandums of understanding that he was nicknamed Malaysia's MOU King. Today, the star of 51-year-old businessman Amin Shah Omar Shah is on the wane.

Most of the agreements never materialised and he is in trouble with his big naval project at home.

The Business Times reported that his RM24 billion ($10.2b) deal with the Malaysian navy is in choppy waters and his business group's fortunes are ebbing.

According to a contract signed in 1998, Mr Amin's PSC Industries was to build six naval patrol vessels for the Malaysian navy at a cost of RM5.4b. Another 21 vessels were to follow in the next 20 years.

The deal gave the company control of the country's main shipyard and the exclusive rights to service the entire naval fleet.

Now, the government is having second thoughts.

Read more...HERE... (http://www.malaysia-today.net/Blog-e/2005/03/ship-tycoons-sinking-fortunes.htm)

and...

orchipalar
21-02-2006, 07:00 AM
Monday, March 14, 2005
Malaysia is finding privatization contracts hard to revise or undo

SPECIAL REPORT

By LESLIE LOPEZ
Staff Reporter of THE WALL STREET JOURNAL

During the 1990s, Malaysia went on a privatization spree, with then-Prime Minister Mahathir Mohamad's government selling stakes in public utilities and awarding billions of dollars in contracts to private businesses for showcase infrastructure and industrial projects.

Now, as in some other countries that embarked on similar binges, new political leaders are struggling to cope with privatization deals that have proved to be costly, ill-advised or unpopular.

Malaysian Prime Minister Abdullah Ahmad Badawi, who succeeded Dr. Mahathir in 2003, is looking for ways to unwind the country's biggest contract, a problem-plagued 24.3 billion ringgit ($6.39 billion) deal for navy patrol vessels awarded to PSC Industries Bhd., a Malaysian company controlled by Amin Shah Omar Shah.

The 10-year contract, signed in 1998, called for PSC to build 27 patrol vessels for the Malaysian Navy. The deal, which also gave PSC control of the government's main naval shipyard and the exclusive rights to service the Malaysian Navy's entire fleet, was intended to be the springboard for Malaysia to create its own marine-engineering industry.

But Mr. Abdullah's administration is having second thoughts as Kuala Lumpur tries to consolidate state finances and reduce its exposure to potential liabilities should some privatized projects stumble.

The government, which already has advanced more than 2.5 billion ringgit to PSC, is increasingly skeptical that Mr. Amin Shah can deliver the patrol vessels. Officials say the first two ships built by PSC and its foreign partners, led by Germany's ThyssenKrupp AG, have failed to pass predelivery trials, dogged, among other things, by chronic computer-system glitches. The problems have forced the Malaysian Navy to temporarily shelve plans to purchase the next four patrol vessels scheduled for delivery from PSC. A ThyssenKrupp official based in Malaysia who is involved in the project declined to comment.

Moreover, some Malaysian officials question whether the country even needs the heavily armed, 90-meter-long patrol vessels it contracted to buy. Malaysia now plans to set up a national coast guard equipped with smaller, faster and less-expensive ships, a move that would negate the need for the PSC-built ships altogether.

PSC itself is in deep financial trouble. With overdue debts of more than 500 million ringgit, Mr. Amin Shah, who owns 29% of PSC, is locked in a legal dispute with his main Malaysian banker over the company's failure to service its debt obligations, say people involved in the matter.

As in Malaysia, the impetus to revisit privatization awards elsewhere has followed changes in political leadership. Ukraine's newly elected government, for example, is just beginning to wrestle with the question of how much energy to expend on reviewing hundreds of privatization awards -- mainly sales of state-owned assets -- made in recent years under former President Leonid Kuchma, which most Ukrainians suspect involved corruption or favoritism. After popular outrage over last year's rigged elections swept a Western-leaning reformist, Viktor Yushchenko, to the presidency, there is strong public support for a thorough review of those awards. But the new government appears divided over how many sales to review. Analysts say Mr. Yushchenko probably won't want to get bogged down in a slew of court battles over the privatized companies.

In Argentina, meanwhile, President Nestor Kirchner's government has been at odds with previously privatized state companies since it took office in May 2003. Some of those privatizations have come under the scrutiny of Argentine investigative judges examining cases of alleged corruption under the government of former President Carlos Menem, who ruled from 1989 to 1999. Government officials complain that the operators of privatized businesses made huge profits during the country's early 1990s economic boom but didn't reinvest what they should have to maintain public services during the more-recent lean years.

Meanwhile, a host of foreign companies that bought privatized Argentine utilities have filed breach-of-contract claims against Argentina before an international arbitration panel.

In Malaysia, the patrol-vessel dilemma is a legacy of a privatization program that was the cornerstone of former Prime Minister Mahathir's plans for industrializing Malaysia's once commodity-dependent economy. During his 22 years in power, billions of dollars of infrastructure projects -- including the privatization of roads, ports, public-transport systems and other ventures -- were awarded to private businesses, often those controlled by politically connected groups or individuals. In many cases, as with the PSC contract, arrangements for these projects and privatization deals were negotiated privately without a competitive bidding process or public disclosure of pending awards.

The results of the privatization frenzy have been mixed. While the partial sales of national utility companies and ports have been successful, some companies entrusted with large infrastructure projects, including commuter-rail systems and the huge Bakun hydroelectric dam in Borneo, eventually failed, leaving the government to lead costly bailouts.

Since taking office, Mr. Abdullah has pursued a different economic strategy, focused on trimming budget deficits and emphasizing fresh incentives to boost the agriculture and biotechnology sectors. As a result, some Mahathir-era projects have been shelved or are being reviewed to cut costs. For example, in December 2003, a month after becoming prime minister, Mr. Abdullah indefinitely shelved a planned 14.5 billion ringgit railway project awarded by Dr. Mahathir just two months earlier.

But government officials and financial executives say scrapping or revising existing privatization contracts that continue to strain the government's finances is proving to be difficult. "There is very little wiggle room for the government to review the contracts or get out of them without paying large amounts in compensation," says a senior government official.

The government is considering two options for the PSC patrol-vessel deal. Kuala Lumpur, which controls about 26% of PSC's equity through two state-controlled companies, could try to increase its stake and wrest management control from Mr. Amin Shah. A less-expensive government option would be to invoke its veto power under the privatization arrangement. The government retains a "golden share" in the PSC subsidiary that owns the rights to the vessel project. That gives Kuala Lumpur the right to seize control of the project in extreme cases where the national interest is deemed to be at risk.

Mr. Amin Shah, meanwhile, is raising the stakes in his face-off with the government. In PSC's latest quarterly filings to the Malaysian stock exchange, the company said it plans to file a compensation claim of 3.75 billion ringgit with the government for loss of potential profit because of Kuala Lumpur's delay in ordering the remaining 21 patrol vessels to be built under PSC's privatization agreement. Mr. Amin Shah didn't respond to requests for comment.

Mr. Abdullah's administration isn't prepared to pay out huge amounts in compensation to scrap unwanted privatization deals, however, according to people familiar with the PSC situation. "The government doesn't want to set a precedent," says one official.

http://www.malaysia-today.net/Blog-e/2005/03/malaysia-is-finding-privatization.htm

orchipalar
21-02-2006, 07:23 AM
Posted 09/19/05 07:41

Malaysia’s Boustead Buys Stake in PSC-Naval Dockyard
By AGENCE FRANCE-PRESSE, KUALA LUMPUR

Malaysia’s property and palm oil plantation firm Boustead Holdings has bought a 30 percent stake in PSC-Naval Dockyard, a ship-builder involved in a troubled naval deal, according to a report released Sept. 17.
Boustead bought the stake for 166.5 million ringgit ($44.16 million) from Limaran Logistics Sept. 16, the company said in a statement to the stock exchange, Bursa Malaysia.
The purchase came after Boustead recently paid 25 million ringgit to increase its stake in PSC Industries, the ship-builder’s parent company, to 32.72 percent, the Star newspaper reported.
PSC Naval Dockyard in 1998 signed a 24 billion ringgit contract to build 27 offshore patrol vessels over 10 years for the Malaysian navy, together with foreign partners led by Germany’s ThyssenKrupp.
But the order has been plagued by technical problems and delays, and PSC-Naval Dockyard has reportedly sought another 1.8 billion ringgit from the government to complete the vessels.
Malaysia’s opposition has urged a probe into the delays, saying the government had already invested 2.5 billion ringgit in a project that could turn into “the biggest financial scandal in Malaysia’s history”.
Prime Minister Abdullah Ahmad Badawi has vowed to sort out the deal.
Boustead Holdings is 70 percent owned by the armed forces pension fund Lembaga Tabung Angkatan Tentera.

http://www.defensenews.com/story.php?F=1108635&C=navwar

orchipalar
21-02-2006, 07:32 AM
Err...we have amongst us rakyat jelata...many KINGS n QUEEN...

What have us NOT?...A/P KING...A/P Queen..."A" PERMITs KING...TAXI PERMITs KING...AIRPORT LIMO PERMIT KING...etc. etc.

n just last month...the following news about our very own...MOU KING...ahem...one of our so called...towering Malaysian?

http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_68fbf20 0-cb73c03a-b113c700-6fccb013

26-01-2006: Amin Shah no longer PSCI chairman
By Surin Murugiah

Tan Sri Amin Shah Omar Shah has ceased to be chairman and director of PSC Industries Bhd (PSCI) as of Jan 1, 2006, the company said.

PSCI said on Jan 26 that Amin Shah’s position as director became vacant as he had been absent from more than 50% of the board of directors’ meetings during the financial year ended Dec 31, 2005.

“Accordingly, by virtue of Article 100 (c) of the Articles of Association of the Company, the office as director of Tan Sri Amin Shah Omar Shah has become vacant ipso facto as of Jan 1, 2006”, it said.

On July 18 last year, Boustead Holdings Bhd had served a notice on PSCI seeking an extraordinary general meeting (EGM) to remove Amin Shah as executive chairman.

However, the EGM turned into a non-event after PSCI announced resignations by key board members.

Managing director Azlan Shah Omar Shah and executive director Ibrahim Topaiwah resigned the day before the EGM was to be convened, while Amin Shah was moved to a new position as non-independent and non-executive chairman.

Simultaneously, Boustead Holdings appointed two of its representatives to the board — Datuk Ahmad Ramli Mohd Nor as deputy chairman and Datuk Azzat Kamaludin as non-independent and non-executive director.

Teeque
23-02-2006, 12:58 AM
Why, dont u know...closer to our home front, we will soon hv our very own 'FLYOVER KING'! :p