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Monday, April 09, 2012

Gun begins to smoke in Malaysian sub scandal

[Scorpene class submarine]French investigating magistrates probing the US$1.2 billion sale of submarines to the Malaysian Defense Ministry are targeting, among other things, a Hong Kong-based company called Terasasi (Hong Kong) Ltd., whose principal officers are Prime Minister Najib Tun Razak’s close friend and the friend’s father.

Investigators believe that at least some of the €36 million funneled through Terasasi ended up in the pockets of Najib, who was Malaysia’s defense minister and deputy prime minister when the two Scorpene submarines were purchased from Thales International or Thint Asia.

The state-owned defense giant DCN, later known as DCNS, and Thales established a joint company named Armaris to manufacture the submarines in 2002.

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