LODIN THE SMALL FRY IN BIG SCANDALS

Press statement by Kua Kia Soong, SUARAM Adviser 25 June 2018

Former 1MDB chairman Lodin Wok Kamaruddin has sought to distance himself from Najib Razak’s claim that board members had wrongly kept the alleged embezzlement of funds a secret from him, claiming that he is just a “small fry”. For a small fry, Lodin Wok has been a close associate of the former Prime Minister and together, they have been embroiled in more than one big scandal.

First off, Lodin Wok Kamaruddin has been the Chief Executive of the Armed Forces pension fund Lembaga Tabung Angkatan Tentera (LTAT) since August 1982. He is also Group Managing Director of  Boustead Holdings Bhd.

At the height of the Scorpene submarine scandal, LTAT and Boustead controlled 20 percent of Perimekar, while KS Ombak Laut Sdn Bhd held the remaining 60 percent stake. Lodin Wok also sat on the board of Affin Bank Bhd – one of Perimekar’s bankers. Lodin Wok was one of the five directors in Perimekar together with Mazlinda Makhzan (Razak Baginda’s wife).

In the Scorpene submarines scandal, Perimekar is suspected of being created for the sole purpose of distributing a RM500 million commission between Malaysian and the French arms dealer. This remains to be uncovered if and when the Scorpene scandal is re-opened.

Furthermore, in 2009 Boustead DCNS Naval Corp – a 60-40 joint venture in 2009 between BHIC Defence Technologies and the French-based DCNS – was awarded a RM532 million contract related to the Scorpene submarines by the Defence Ministry. This company was supposed to provide “support services” to Scorpene submarines from 2010 to 2015. BHIC Defence is owned by BHIC (Boustead Heavy Industries Corporation), whose chairman is also Lodin Wok.

With such an illustrious curriculum vitae and with fingers in so many pies, how could Lodin Wok Kamaruddin call himself a “small fry”?

Leave a Reply

Your email address will not be published. Required fields are marked *