I smell ….!

KUALA LUMPUR: I know I could be in trouble here but I need to run this ASAP. At first glance it looks funny and weird. One wonders whether MINDEF had conducted background checks on this company before allowing the Defence Minister to witness the signing. I am wondering which airlines are beating their doors….

Crecom unit signs RM17bil deal to buy aircraft

KUALA LUMPUR: Crecom Burj Resources Ltd (CBRL), a wholly-owned subsidiary of Crecom Burj Bhd, has signed a US$5bil (RM16.65bil) purchase agreement with Russia-based IRKUT Corp for the acquisition of 50 MC21 passenger aircraft.

IKRUT is the leading aircraft manufacturer in Russia. CBRL is an investment company to establish and develop new business ventures/tie-up with foreign international companies.

The aircraft would eventually be leased out to airline companies, group chief executive officer of Crecom Burj, Mohamad Isa Abdullah said at the signing ceremony yesterday.

At the same event, CBRL also signed a memorandum of agreement with IBH Investment Bank Ltd, which will act as lead arranger for funding the aircraft’s purchase.

Mohamad Isa said delivery of the aircraft was scheduled for 2014.

“Some airlines in South-East Asia have shown an interest in leasing the aircraft,” he added.

He said the Russian plane was chosen for its price competitiveness when compared with other aircraft in the market, as well as technology.

“We anticipate more business opportunities from Russia,” he added. — Bernama

–Malaysian Defence

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9 Comments

  1. What does the Defense Minister have to do with this? Who is Crecom Burj?

    Marhalim: They asked the Defence Minister to witness the purchase signing ceremony and he apparently obliged. Apart from that I have no idea of the connection. Who is Crecom Burj? That is the RM17 billion question…..

  2. @MeesterT= It’s a mystery that Marhalim should find out for all of us.

    Anyway, there’ll be no more middle-man mafia in for the maintenance of the MIGs and the MKMs as told by the Defense Minister.

  3. Apart from Su-30MKMs manufacturer, i can\’t really see the military aspect of this deal. The deal said about renting the aircraft, are the MINDEF interested to rent the aircraft in the place of the late A400M?

  4. Hi Marhalim,

    This is really interesting. From the news, the financial adviser is IBH Investment Bank Limited, a Labuan based bank.From the Crecom Bruj website, it says that it own 80% of this bank.

    Never heard of this bank before. So I looked up at the bank’s website.

    Not much info but theres a list of Directors.

    http://www.ibhinvestmentbank.com/board-of-director.html

    Marhalim: No, but I believe I means Ibrahim while H means Hwang which becomes IHB Bank….

    Anyone familiar?

  5. Off-topic again apologies. Curious about the number of C-130s that entered service.

    1. The first 6 were serialed M30-01 to M30-06.

    2. Then 3 MPA configured planes were ordered and were serialed M30-07 to M30-09.

    3. In 1995, 5 stretched C-130s were delivered making a total of 14. But then why are there 6
    more serials instead of 5 – M30-10, M-30-11, M-30-12, M-30-14, M-30-15 and M30-16- when only 5 were delivered in 1995?

    Marhalim: The original Hercs had a different serial number back then, although I admit I am also not aware when the new serial numbers were used…You answered your own question Azlan, they left the dreaded 13 on the shop floor….

  6. Marhalim,

    The first 6 C-130Hs were serialed FM-2401 to FM-2406.

    Yes the ’13’ could have been dropped but that still leaves 6 serials when only 5 were delivered in 1995 – M30-10, M-30-11, M-30-12, M-30-14, M-30-15 and M30-16. Unless of course I’ve made a mistake with the serials.

    Do you know if the 2 Beechcraft have been fitted with AMASCOS yet?

    Marhalim: As far as I know only one has been fitted with the Amascos. Again RMAF is very shy about these matters….

  7. Ummm….not much transforming going on..just more of the same.

    Simon

    Marhalim: Yes he did. The KSU has been promoted to PSD DG. The highest promotion for any Mindef KSU for the last three decades. The rest just had good retirement plans….

  8. Ibrahim Ahmad , director of IBH , the financial adviser, is the brother of our ex PM, Tun Abdullah Ahmad Badawi.

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