How were funds allegedly siphoned through non-existing technical services?

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Funds Allegedly Siphoned Through Non-Existing Technical Services for the SGPV Project

A forensic audit report has confirmed allegations that approximately RM23.37 million was siphoned through payments for non-existent technical evaluation services related to the Second Generation Patrol Vessels (SGPV) project. The report indicates that invoices for services that were never rendered were used as a mechanism to divert funds, with the companies involved providing false addresses and payments being redirected elsewhere.
Payments Made for Unsubstantiated Technical Services

Payments totaling RM23.37 million were disbursed to three companies: Setaria Holdings Limited (SHL), Sousmarin Armada Limited (SAL), and JSD Corporation Pte Limited (JSD), purportedly for technical evaluation services for the SGPV project. The audit found that these payments were supported by single invoices only, with no evidence presented to confirm that BNS (Boustead Naval Shipyard) actually received the technical services.
Arbitrary Engagement and Approval of Transactions

The engagement of these three companies for technical evaluation services was found to be arbitrary, as it was not approved by the procurement team. Furthermore, the Board of Directors (BOD) had not sanctioned their engagement nor authorized any individual to negotiate the fees quoted by these service providers. Despite these procedural irregularities, payments were approved by individuals named Ramli and Peramjeet Singh, with one specific payment to SHL processed based on instructions from Peramjeet and Daniel Ebinesan.
Links to Offshore Entities and Suspected Diversion of Funds

One of the companies involved in these questionable transactions was linked to Alizes Marine, and the entire sum released for Alizes Marine was suspected to have been received by a company registered in Labuan. Additionally, Sousmarin Armada Sdn Bhd, a Malaysian-registered company with an identical name, was dissolved in 2012 and had Zainab binti Mohd Salleh as one of its directors. Zainab Mohd Salleh has also been identified as being involved with Alizes Marine entities and is reported as the spouse of Datuk Abdul Latiff Ahmad, a Minister in the Prime Minister’s Department.

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How were funds allegedly siphoned through non-existing technical services?

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