What offshore accounts received RM192 million from LCS project funds?

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No Specific Offshore Accounts Identified as Recipients of RM192 Million in LCS Project Funds

PKR deputy president Rafizi Ramli alleged that RM192 million from the littoral combat ship (LCS) project was funnelled into non-existent, untraceable offshore accounts. An internal investigation by Boustead Heavy Industries Corporation Bhd reportedly found that LCS subcontractors paid €43.69 million, equivalent to RM210 million, based on invoices from a French firm. These payments were directed to a shell company incorporated in Malta, with only €3.53 million (approximately RM18 million) collected by the French firm during the period in question, suggesting RM192 million was transferred to offshore entities and is now untraceable.
Alleged Diversion of Funds to Non-existent Technical Services

The diverted funds were purportedly for technical services that were never rendered. According to the allegations, a French firm was appointed as a subcontractor for the LCS project to supply spare parts, following recommendations from another French company. While invoices appearing to originate from France were issued for the LCS project, the payments were allegedly processed to an account in Singapore managed by a different company. This method, involving fake companies with names similar to legitimate ones, where invoices are issued by one entity but payment instructions direct funds to an account under a similarly named but distinct company, is cited as bearing resemblance to the misappropriation of funds from the 1MDB scandal.
Shell Company Incorporated in Malta Received Payments

The investigation reportedly identified that payments totalling €43.69 million, or RM210 million, were made by LCS subcontractors based on invoices from a French firm. However, these substantial payments were channelled to a shell company that was incorporated in Malta. The discrepancy arises from the French firm's own financial returns to French authorities, which indicated that only €3.53 million, or approximately RM18 million, was received by the firm during the relevant period. This significant shortfall points to the RM192 million being transferred to offshore companies and subsequently becoming untraceable.
Two French Companies Implicated in Fund Transfer Scheme

Investigators reportedly concluded that two French companies were involved in a scheme to transfer money from the LCS project, an act deemed a violation of the Money Laundering Act. The alleged scheme involved the use of shell companies with identical names to real companies, facilitating the diversion of project funds. This conclusion was reportedly reached after comparing the amounts paid by the LCS project for replacement equipment to the French firm against the amounts reported in that firm's financial statements between 2011 and 2015. The involvement of the second French company in the alleged misappropriation of funds was explicitly stated in the internal investigation's findings.

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What offshore accounts received RM192 million from LCS project funds?

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