The New Generation Patrol Vessel project called for the construction of 27 patrol vessels, but only six ships were eventually completed, with the cost going up from RM5.35 billion to a total of RM6.75 billion through an additional contract.

A PAC report two weeks ago said that funds meant for the troubled RM9 billion littoral combat ship project had been used to resolve debts from the NGPV project.

PAC chief Wong Kah Woh called for the NGPV report to be declassified since the LCS contractor, Boustead Naval Shipyard, had used funds meant for that project to resolve debts related to the patrol vessel project.

‘Another Boustead audit needed on LCS’

Wong also urged the Cabinet to order the shipyard’s controlling shareholder Boustead Heavy Industries Corporation to conduct a further forensic audit on the late delivery of navy frigates in the LCS project.

He said this was essential for a full picture of all transactions and activities related to the project and letters of award issued from 2015 to the present.

Earlier this evening, BHIC’s forensic audit report was made public on the Parliament website. However, Wong said this only covered financial years 2011 to 2014.

He said the report showed that there had yet to be an in-depth probe into all activities related to the project’s implementation up until 2018, which meant that some important facts could have been left out.

NGPV: The companies involved

The NGPV project involved the privatisation of Naval Dockyard Sdn Bhd in 1995, which was then taken over by a consortium led by Penang Shipbuilding and Construction Sdn Bhd, leading to the establishment of PSC-Naval Dockyard.

Boustead Holdings Bhd then became the majority shareholder of PSC-Naval Dockyard, which was then renamed Boustead Naval Shipyard in 2006.

After the BNS takeover, a second additional contract worth RM1.4 billion was signed in January 2007, bringing the total value to RM6.75 billion.