The Finance Ministry has established a special purpose vehicle (SPV) to take over the company responsible for the littoral combat ship (LCS) construction project, with Boustead Naval Shipyard Sdn Bhd (BNS) as a subsidiary.

Defence Minister Mohamad Hasan said the LCS project will still be monitored by the Project Monitoring Committee (PMC) jointly chaired by the Treasury secretary-general and the Defence Ministry secretary-general.

“In addition...