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Hi Ecologist - that was the point of my earlier post about my discussion with the FD - your experiences echo mine; I was concerned that SRT would be getting into that to win contracts, but he was adamant that all there has been a culture shift and most emerging nations try to be squeaky clean. (Not sure about Nigeria!)
"If the EU flexes its muscles, this mess may get sorted out, AFAICS."
Shame we're not still a member.
Extrader, thank you for passing that on, it is very helpful.
Simply my take:
Having worked in Africa and Asia for a combined 35 years, doing business is never simple and too frequently there is someone attempting to be 'on the take'. Some people / companies are ready to grease palms (= graft or bribes or dash or bakhsheesh) in order to win contracts with the cost of bribes being factored into the contract costs.
All that said, I am in no way suggesting that our company is in anyway involved in corruption. Indeed the RNS, tells us that SRT, the company, has been exonerated. But the sword is hanging over Simon's head and I cross fingers that he is soon exonerated too. (And I have a problem understanding how Simon alone can be under suspicion).
Meanwhile, the sp will continue to suffer until the situation is cleared up.
See also part 2
https://www.rappler.com/newsbreak/investigative/big-fishers-close-in-small-filipino-fisherfolk-battle-municipal-waters/
If the EU flexes its muscles, this mess may get sorted out, AFAICS.
NAI, DYOR etc
Hi all,
Hat tip to rwh3ue on s'pedia for this.
See hxxps://www.rappler.com/newsbreak/investigative/officials-private-interests-spoil-effort-track-big-fishers/
.."SRT Marine Systems (LON:SRT) I hold
ST is one of my largest holdings and I follow events closely. I too read and contribute on ADVFN where some posters are extremely well informed and their opinions worth listening to.
The current news flow is all about the negative stories of misdeeds around the contract for vessel monitoring in the Philippines. To understand what is going on you need some background. SRT, as is always their modus operandi, spent years gaining the trust of the customer and an understanding of what they required. When the tender for a vessel monitoring system VMS was issued much of the detail was based on the known capabilities of SRT's offering. These included the fact that the operational cost was significantly lower than any competing system and the functionality was superior. In an obvious attempt to influence the contract award, the French government offered a loan to pay for the system as long as it was awarded to a French company. It just so happens that CLS (French) were also keen to provide a system.
When SRT were awarded the contract, the French withdrew the loan offer. Despite this the Philippines stuck by their decision and found it possible to include the cost in their budget. The project went ahead and was successfully implemented while President Duterte was still in post.
The next big step was to be the roll out of transponders to all of the fishing boats in the country, I think up to 50,000. That is when it became a big political issue
There are vested interests that do not want to be regulated. They are the big commercial fishing companies and the families that control them. In essence they want to continue to fish waters within an exclusion zone of 15km. They are able to do so now because there is no official monitoring. The new VMS would change that. Small fishermen depend on the fish that the big boats take and that is why current President Marcos wants to proceed with the rollout. The EU have a role to play here as they can issue a so called red card if fish exported from Philippines cannot be shown to be compliant with IUU regulations.
It looks to those who follow SRT closely that battle lines have been drawn and that the commercial side are using the allegations of impropriety as a weapon to maintain their ability to fish inshore. It is no coincidence that some parties in a position to decide matters are related to people who own the commercial fishing companies.
From my perspective, SRT acted properly and have nothing to hide, but the vested interests will use their power and money to try to prevent a mechanism designed to stop illegal, unreported and unregulated fishing.
Don't just take my word for it. Read this article in Rappler who investigated the story and published on 5 April..."
Steady the Buffs!
GLA an
Well we've got our statement. I suppose that's as much as we can expect at this stage, and I fear this may rumble on a bit. From the highly informed viewpoint of a bloke sitting in an armchair in Leicester, I expect there are both political rivalries and pressures such as kickback on the policy from some in the fishing community to factor in, not just any sharp practice there may or may not have been in the awarding of the contract.