Politics

BERNAMA – Continuation of LCS procurement able to protect against loss of funds

KUALA LUMPUR, April 21 (Bernama) — The continuation of procurements beneath the littoral fight ship (LCS) venture will defend  Lembaga Tabung Angkatan Tentera (LTAT) from monetary losses, its chief govt officer Datuk Nazim Rahman mentioned.

He mentioned if the venture did not proceed, the upcoming monetary domino impact may end in a regression worth of as much as RM2.1 billion, which is 21 per cent of the entire retirement funds managed by LTAT.

If this occurred, he mentioned LTAT wouldn’t have the ability to proceed to offer returns to contributors for the following six years, not less than. 

“LTAT is uncovered to important potential losses by its majority stake in Boustead Holdings Berhad of 59.4 per cent and 61 per cent efficient stake in Boustead Naval Shipyard Sdn Bhd.

“The Cabinet approval has prevented a financial catastrophe for LTAT and enabled LTAT to continue to focus on capital preservation and value enhancement in the long run, to ensure that LTAT’s financial position remains at a favourable level,” he mentioned in an announcement at the moment.

Nazim mentioned the Cabinet choice would allow LTAT to offer sustainable and aggressive returns to its contributors who’re members of the Malaysian Armed Forces.

The proactive measures taken by LTAT along with the Ministry of Defence, Ministry of Finance, Royal Malaysian Navy and the Cabinet Special Committee find an answer to the LCS procurement had taken under consideration all elements.

“This contains the monetary implications on the federal government in addition to strategies to enhance governance to make sure all LCS vessels shall be accomplished in response to the set timeline.

“LTAT remains committed to providing full cooperation in ensuring that this recovery plan can be realised in the strategic interest of the country,” he mentioned.

Yesterday, Defence Senior Minister Datuk Seri Hishammuddin Tun Hussein mentioned that the Cabinet assembly had  unanimously agreed to proceed with the LCS procurement.

The choice was made after bearing in mind two fundamental elements, specifically LCS is a much-needed asset for the RMN and there are 400 distributors concerned within the venture with monetary expenditure of over RM4 billion.

— BERNAMA



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