AES_Camera

According to a report by The Edge Financial Daily, the Automated Enforcement System (AES) is all set to be “rerolled out soon.” The statement was made by Tan Sri Lodin Wok Kamaruddin, deputy chairman-cum-managing director of Boustead Holdings. More details surrounding the implementation of the second phase will be divulged “within the next one to two weeks,” the report added.

On the revival, Lodin, who is also the chief executive of Armed Forces Fund Board (LTAT), commented that “there should be a positive outcome [of the roll-out] this time.” Earlier in March this year, the joint venture entity between Boustead and LTAT purchased a 50% share in Irat Properties – the latter had taken over operations of the system from both Beta Tegap and Automated Traffic Enforcement System (ATES).

The remaining 50% stake in Irat Properties is owned by LTAT. It should also be known that Boustead had paid a total sum of RM250 million to acquire its 50% share Irat Properties – it is not known how much the latter had to pay in order to acquire both Beta Tegap and ATES.

camera-trap-speed

As for the arbitration case between the concessionaires of the AES and the federal government, Lodin has assured the media that the case has been “mutually settled.” Since the project was halted, the earlier concessionaires have been seeking compensation. Both Beta Tegap and ATES obtained a 66-month concession period, active from December 9 2011, with revenue derived from the payment of summonses.

With the collapse of said project, Beta Tegap recorded an after-tax loss for the financial year (end June 2014) of RM22.58 million with net liabilities pegged at RM32.8 million. Meanwhile, ATES had recorded an after-tax loss of RM20.61 million while consolidated net liabilities were RM47.12 million.