Saudi Arabia and Spain launch joint venture to build five corvettes

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The venture will build five Avante 2200 corvettes and combat management systems for the vessels for the Saudi Ministry of Defense. (SPA)
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The venture will build five Avante 2200 corvettes and combat management systems for the vessels for the Saudi Ministry of Defense. (SPA)
Updated 07 November 2018
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Saudi Arabia and Spain launch joint venture to build five corvettes

  • A signing ceremony was held in Riyadh on Tuesday attended by Ahmed Al-Khateeb, chairman of SAMI, and the chairman of Navantia, Gonzalo Alcazar

JEDDAH: The Saudi Arabian Military Industries company (SAMI) and the Spanish state-owned shipbuilding company have launched a joint venture to design and build five cutting edge corvettes.

SAMI and Navantia S.A. signed an agreement in April to create SAMI Navantia Naval Industries during a visit by Crown Prince Mohammed bin Salman to the Spanish capital.

The venture will build five Avante 2200 corvettes and combat management systems for the vessels for the Saudi Ministry of Defense.

A signing ceremony was held in Riyadh on Tuesday attended by Ahmed Al-Khateeb, chairman of SAMI, and the chairman of Navantia, Gonzalo Alcazar.

The new project is expected to contribute to efforts by the Saudi Arabian Military Industries company to localize 50 percent of military spending in line with Vision 2030.

The manufacture of the marine combat systems will be carried out in the Kingdom along with system engineering and design, hardware and software development and testing.

 


Ghosn received $9 mln improperly from Mitsubishi-Nissan JV

Updated 31 min 39 sec ago
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Ghosn received $9 mln improperly from Mitsubishi-Nissan JV

  • Ghosn was arrested and detained in Tokyo since Nov. 19
  • He was charged of under-reporting his salary for eight years through March 2018, and temporarily transferring personal investment losses to Nissan during the global financial crisis

TOKYO: Arrested auto executive Carlos Ghosn improperly received $9 million in compensation from a joint venture between Nissan Motor Co. and Mitsubishi Motors Corp, the companies said on Friday.
A joint investigation by the companies has found that Ghosn, ousted as chairman from both automakers, received the compensation without discussing it with the two other board members of the joint venture, Nissan CEO Hiroto Saikawa and Mitsubishi Motors CEO Osamu Masuko.
Nissan holds a controlling stake in Mitsubishi Motors.
Ghosn, arrested and detained in Tokyo since Nov. 19, has been indicted in Japan on charges of under-reporting his salary for eight years through March 2018, and temporarily transferring personal investment losses to Nissan during the global financial crisis.