Deals signed without board meetings
Stories by WONG CHUN WAI from the Public Accounts Committee report on the LCS project
PETALING JAYA: The managing director of the company undertaking the RM9bil littoral combat ships (LCS) project had so much power that he could sign all agreements, including letters of award (LOAs) to the main contractors involved in building the six ships.
In fact, 12 LOAs were given by former Boustead Heavy Industries Bhd (BHIB) managing director Tan Sri Ahmad Ramli Nor to two main contractors – Contraves Advanced Devices Sdn Bhd (CAD) and Contraves Electrodyamics Sdn Bhd (CED) totalling RM3.3bil – without the need to call for full board meetings.……
Malaysia SE Asia Business Entertainment
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