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MOF takes over THHE-Destini's offshore patrol vessel project, provides RM153m rescue loan
savemalaysia
Publish date: Wed, 04 Jan 2023, 04:00 PM
KUALA LUMPUR (Jan 4): The Ministry of Finance (MOF) has taken over an offshore patrol vessel (OPV) project from THHE Destini Sdn Bhd after discovering a number of “big issues” pertaining to the project, including the necessity of a RM152.6 million loan from the government to ensure the completion and delivery of the first vessel within the year.
Following the delay in the project, Prime Minister Datuk Seri Anwar Ibrahim urged enforcement agencies to carry out their duties accordingly to ensure that nobody takes advantage of the public procurement process.
“Two actions, firstly we have to rescue [this project], these OPVs have to be completed according to schedule; secondly we should never let go anyone who is responsible for abuse of power, [and made] a fortune out of this project,” he said at a press conference after a weekly Cabinet meeting.
THHE Destini is 51%-owned by Destini Bhd and 49%-owned by TH Heavy Engineering Bhd.
TH Heavy was delisted from Bursa Malaysia in September last year after the group failed to submit a regularisation plan to exit its financial distress.
Shares of Destini, which lost 56% of its value last year, were trading unchanged at eight sen at the time of writing, giving it a market capitalisation of RM133.08 million.
https://www.theedgemarkets.com/node/650417
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