As I explained in this comment, the issue is broader than just this project. The Tuans are caught in a bind, they have to sacrifice some demigods. They cannot cover up anymore.
PH fortune is dimming. Never mind get rid of the worst enemy first; Kleptos, PAS and Bersatu. I am sure Loke and Tony have their MOU ready.
We should thank Armed Forces Pension Fund (LTAT) chief executive officer Ahmad Nazim Abdul Rahman for confirming all that was wrong with the LCS project as we suspected, but in fact confirming that there is no possibility that the ships will be delivered without another huge financial injection from the tax payers.
Remember Hisamuddiin and the government's assurances that the ships will be delivered as contracted but carefully avoided mentioning it will be done without any additional financing. Nazim is laying the groundwork for additional funding.
Before I go into the details of every blunder in project and financial management committed by LTAT, let me look at the macro picture first.
It seems the army, in particular the navy, has a history of failed projects. The OPV, the submarines and now the LCS. Good thing they was no attack on Malaysia so far, except by the Sulus with their sampans.
Looking further afar, the government pension fund KWAP through 1MDB, the armed forces pension fund LTAT through LCS, and the people's pension fund KWSP through PFI etc are being raided by these privileged Tuans, the protectors of race and religion. And then Felda, Tabung Haji are in a similar situation that needed bailouts.
So what is the bumiputra agenda all about where the 1% privileged squander all the nation's savings/wealth and leave the 99% impoverished. Now wonder the bumis only own 17% wealth after 50 years of NEP.
Of course this requires an RCI but then again who can chair and populate the RCI? Former KSN Sidek, former AG Apandi, the same people who are behind all these misdeamours.
With our nariions savings being depleted, and now requiring bailouts from the consolidated fund, aren't we on the test path of Sri Lanka. What is more horrifying is that these same protectors of race and religion are not acknowledging their blunders, but painting themselves as much saints to rescue the country from imagined enemies. This is worse than the worst sea sickness.
Okay, back to land, let me rebut Nizam's claim.
1. In financial management one does use the funds allocated for one project to pay off bad debts. It is only paid from the profits or surplus. LCS itself is bleeding and then wants its funds to be used for another project. This is what we call good money after bad money. This is cheating the government and cheating LTAT itself.
2. LCS delivered concurrently. This is in contradiction to what the PSC as the contact provisions. Have you read the contract. Delivery on a staggered basis is normally the norm and common sense in project management
3. The bulk of the advance is used to buy machinery get. Doesn't LTAT already have the shipyard and necessary shipbuilding equipment capacity and expertise. Otherwise why take on this project. Yet you want to build all the ships in one go. What nonsence is this.
4. 3000 engineers and 400 companies. Ah this the template used all the time. I presume they are mostly Malays and your patriotism shines through. With this failure, are you putting all these professionals into shame. I am sure they want to wipe out any reference to BNS in their CV. So what about the millions of poor army veterans who pension is affected. Are you not concerned.
5. Finally, I get it that there was never a tinge of corruption, abuse, mismanagement etc during the last ten years. You are the right person to continue helping this project. We wait for the day when 6 LCS roam our waters concurrently.
I can write a book on this, but it only makes me more depressed.
In the meantime I need to do something about my savings before it is depleted. Personal security is more important than national security.
