Rheinmetall Group had more say than majority shareholder BHIC

PETALING JAYA: A foreign partner, Rheinmetall Group, which held a 49% share in the two main contractors involved in the littoral combat ship (LCS) building project, ended up having more power and authority than the majority shareholder – Boustead Heavy Industries Corporation (BHIC).

The two companies were Contraves Advanced Devices Sdn Bhd (CAD) and Contraves Electrodynamics Shd Bhd (CED).