French naval ship builder DCNS seems to be a favourite of the Malaysian Defence Ministry and is lead consultant for Malaysia’s own upstart company to build naval vessels - Boustead Naval Shipyard Sdn Bhd.
Boustead Naval Shipyard (BNS) is a young start-up, which had its beginnings as PSC-Naval Dockyard (a sub-company of Penang Shipbuilding Corporation).
It was in 2005, after the Public Accounts Committee (PAC) brought to light gross management irregularities in PSC-Naval Dockyard's handling of the building and delivery of the New Generation Patrol Vessels (NGPV) for the Royal Malaysian Navy, that a major revamp was put into place to salvage the NGPV project.
Under the intervention of the Malaysian Government, a new management team was put in place and the project was revived. Boustead Holding Bhd, also a GLC, took up a 37% stake in PSC, becoming the single largest shareholder. As a division of PSC, PSC-ND therefore merged into Boustead Holding Bhd and renamed under Boustead Naval Shipyard Sdn Bhd.
2 firms, 2 Scorpenes and a path of death and corruption
