Bns Far From Ship Shape



(The Star) – Boustead Naval Shipyard (BNS), the company embroiled in the Littoral Combat Ships (LCS) scandal, was in bad financial shape, running up losses amounting to RM462mil between 2014 and 2018.
This led to payments to the original equipment manufacturer (OEM) and suppliers of the LCS project to be delayed, according to a report that was declassified yesterday.
What’s worse, BNS is expected to face serious issues in servicing loans amounting to nearly RM1bil.
The report highlighted the poor financial management and cash flow issues faced by BNS and said the company had “limited financial ability” to carry out the project.
It cited BNS’ financial statements from 2014 to 2018, where the company had losses of RM462mil, affecting the company’s equity (with RM130mil of paid-up shares) to negative RM332mil.
It said that with payments to OEMs and suppliers delayed, “these companies refused to supply raw materials and parts, causing construction works at the shipyards to be stalled”.
“Up to May 31, 2019, the overall position of BNS’ creditors amounted to RM801.11mil, and the LCS project creditors totalled RM733.55mil,” the report read.
With BNS unable to pay them, seven OEMs halted work on the LCS project, the report said.
It also said salary issues and late payments to subcontractors led to a lack of manpower, skilled welders and quality control.
“External sub-contractors from the Lumut shipyard refused to send their welders.”
Things are not likely to get better soon with BNS struggling to service loans of nearly RM1bil.
Up to May 31, 2019, BNS had loans amounting to RM956.86mil, of which RM354.96mil were short-term debts and RM601.90mil were long-term debts.
The report added that another RM50mil in loans was obtained by Boustead Holdings Berhad (BHB).
“The debt-ratio analysis to measure the percentage of assets financed by debts found a worrying trend.
“BNS is expected to face difficulties and inability to pay its interest and debt in the long-term if its financial situation continues to be weak,” read the report by the Special Investigating Committee Report on Procurement, Governance and Finance.
The report stated that BNS had applied for a deposit of RM1.8bil – or 20% of the contract value – to kickstart the LCS project.
“The deposit was needed to pay OEM and suppliers for the acquisition of parts, services for the design and engineering that was estimated at RM1.9bil,” it said.
However, the Finance Ministry did not grant the full amount.
Instead, it approved RM1.365bil – or 14.95% of the total contract value of RM9.128bil.
“The Finance Ministry also gave an exemption for bank guarantees amounting to RM836.9mil for the approved deposit,” the report read.
The report described as “out of the ordinary” the ministry’s approval of RM1.365bil to BNS and bank guarantees exemption.
This is because the Treasury Circular and procurement regime states the government cannot provide deposit payments of over RM10mil to any local manufacturer or supplier.
“This shows the company (BNS) had limited financial ability to carry out this acquisition,” said the report.
The investigating committee for the 106-page declassified report released by the Public Accounts Committee (PAC) was led by former auditor-general Tan Sri Ambrin Buang.
 


Artikel ini hanyalah simpanan cache dari url asal penulis yang berkebarangkalian sudah terlalu lama atau sudah dibuang :

https://www.malaysia-today.net/2022/08/18/bns-far-from-ship-shape/

Kempen Promosi dan Iklan
Kami memerlukan jasa baik anda untuk menyokong kempen pengiklanan dalam website kami. Serba sedikit anda telah membantu kami untuk mengekalkan servis percuma aggregating ini kepada semua.

Anda juga boleh memberikan sumbangan anda kepada kami dengan menghubungi kami di sini
Learn From Japan On Dealing With Ageing Population Says Envoy

Learn From Japan On Dealing With Ageing Population Says Envoy

papar berkaitan - pada 10/8/2022 - jumlah : 309 hits
By 2044 14 of Malaysia s population is expected to be over the age of 65 PETALING JAYA Japan can help Malaysia deal with its ageing population as the East Asian nation had managed a similar issue in the past The Japanese ambassador to Malay...
Zahid Requested Umno Donations From Two Uksb Ex Directors Witness

Zahid Requested Umno Donations From Two Uksb Ex Directors Witness

papar berkaitan - pada 10/8/2022 - jumlah : 244 hits
Former deputy prime minister Datuk Seri Ahmad Zahid Hamidi made requests to two Ultra Kirana Sdn Bhd ex directors for political donations totalling S 13 56 million to Umno a prosecution witness told the high court here today Malaysian Anti ...
I Kao Beauty Products And Cosmetics From Japan

I Kao Beauty Products And Cosmetics From Japan

papar berkaitan - pada 11/8/2022 - jumlah : 244 hits
New Brand Luxury Experience From Japanese Cosmetics Manufacturer i Kao The primary focus of i Kao was on manufacturing high quality medical equipment for cosmetic and plastic surgery hospitals which was highly appreciated by the industry i ...
Can Mahathir Pull Another Rabbit From His Hat At Ge15

Can Mahathir Pull Another Rabbit From His Hat At Ge15

papar berkaitan - pada 10/8/2022 - jumlah : 220 hits
The former prime minister is credited with propelling Pakatan Harapan to victory at the last polls but it remains to be seen if he can do it again with his latest alliance Gerakan Tanah Air Last week former prime minister Dr Mahathir Mohama...
Hypocritical To Prevent Orang Asli From Selling Forest Produce Says Activist

Hypocritical To Prevent Orang Asli From Selling Forest Produce Says Activist

papar berkaitan - pada 9/8/2022 - jumlah : 235 hits
Orang Asli communities have been involved in trading forest resources for years say two activists PETALING JAYA An Orang Asli activist says it is hypocritical for deputy energy and natural resources minister Ali Biju to say that Orang Asli ...
Questions From Vc Investors

Questions From Vc Investors

papar berkaitan - pada 9/8/2022 - jumlah : 264 hits
4 Questions Venture Capital Investors Will Ask in Your Pitch It can be scary to present your to a venture capitalist investor You re having a successful conversation with incredibly intelligent people in a cutthroat industry With over 330 b...
International Tiger Day Saving Malayan Tiger From Extinction

International Tiger Day Saving Malayan Tiger From Extinction

papar berkaitan - pada 9/8/2022 - jumlah : 295 hits
Tightened regulations to conserve and protect the habitat of the Malayan TigerDr Samsudin MusaThe Improving Connectivity in the Central Forest Spine Project continues to support the protection of tiger landscapes within the Central Forest S...
Pm Dewan Negara Members Exempted From Anti Hopping Law

Pm Dewan Negara Members Exempted From Anti Hopping Law

papar berkaitan - pada 9/8/2022 - jumlah : 225 hits
The Constitution Bill that prohibits MPs from switching parties does not apply to Dewan Negara senators Prime Minister Datuk Seri Ismail Sabri Yaakob when tabling the bill for the second reading at the Dewan Negara today said the matter was...
Enzo A Moto Guzzi 1000 Sp Caf Racer From Italy

Enzo A Moto Guzzi 1000 Sp Caf Racer From Italy

papar berkaitan - pada 12/8/2022 - jumlah : 390 hits
Commissioned builds are the lifeblood of any successful custom motorcycle businesses but so is a strong portfolio So it s not unusual for a workshop to occasionally close their order book for a minute and pour all their energy into building...
Wanita Jumpa Wang Lebih Rm1 Juta Dalam Kotak Di Tempat Buang Sampah

5 Jenis Pelaburan Patuh Syariah Paling Menguntungkan Di Malaysia

Comment On Plate Gold Tak Sepanas Plate Ff By Tempahan Plate Fg Putrajaya Dibuka 2025 Adzril

Calon Jamaah Haji Furoda 2025 Tidak Jadi Berangkat Cecep Abdullah Justru Diundang Langsung Oleh Kerajaan

Tak Sanggup Dengar Jeritan Dua Beradik Didera Ibu Amp Teman Lelaki Jiran Prihatin Buat Laporan

Traffic Reported Smooth On Major Highways

Tetamu Complain Majlis Akikah Anak Nabila Razali Sempit Amp Khemah Kecil Netizen Sound Kau Kebulur Nak Datang Apehal

Negara Ini Akan Lebih Aman Jika Mereka Ini Tidak Lagi Dalam Politik Negara


echo '';
Info Dan Sinopsis Drama Berepisod Dendam Seorang Madu Slot Tiara Astro Prima

10 Fakta Biodata Amira Othman Yang Digosip Dengan Fattah Amin Penyanyi Lagu Bila Nak Kahwin

5 Tips Macam Mana Nak Ajak Orang Kita Suka Dating Dengan Kita

Info Dan Sinopsis Drama Berepisod Keluarga Itu Slot Lestary TV3

Bolehkah Manusia Transgender Mencapai Klimaks Selepas Bertukar


Terbuka Indonesia Pearly Thinaah Tewas Di Tangan Beregu No 1 Dunia

Tiong Orders Pullout From Sibu Association Over Interference By Politician

Pkr S Wong Chen Takes A Break To Ponder His Future

Tips Menang Di Gudangtoto

Susu Snek Padu Buat Hari Lebih Gembira

Aktivis Dedah Pasaraya 96 Tipu Warga Kuantan Bukan Milik Penuh Bumiputera Tapi Premis Warga Asing Bangladesh