Nexbis shares fall on Maldives deal uncertainty

Mobile security solution vendor Nexbis (ASX:NBS) has not been told its Maldives border security contract has been suspended, despite reports it is at the centre of an anti-corruption probe

Shares in mobile security solution vendor Nexbis (ASX:NBS) slumped six per cent on Friday, following reports claiming its Maldives border security project has been frozen.

Local reports, quoting immigration controller Ilyas Hussein Ibrahim, stated that implementation of the Maldives Border Control System has been suspended pending an investigation by the local Anti-Corruption Commission.

In a statement, Nexbis said it had not been informed of any suspension of its contract with the Maldives Immigration Department and is currently seeking clarification.

The company insisted that the means through which it won the contract were both open and competitive.

Despite the assurance, NBS stock fell 6.3 per cent during Friday's trading to $0.074, all but wiping out an 8.22 per cent gain from Thursday.

Nexbis in October revealed it had wonthe 20-year contract through an open auction process.

The build, operate and transfer concession contract covered the design of an electronic border gate system, as well as entry and exit documents.

References show all

Comments

1

adam

Mon 08/11/2010 - 17:57

Since I heard nexbis web site they have L3 security that approve by FBI. N companies in Europe n Australia. That only do security software and invent security items.
There are reason to complain in ACC by our New IT head Ibrahim waheed because like previous e-passport he join immigration after project Finnish and told MNBC program he is the man.. In ACC complain there is a corruption but later Bid wrong but they them self told everything ok only company is not capable to do like informatics.. ACC must investigate the big fraud case these two guys

2

nazee

Mon 08/11/2010 - 18:03

Inside man in immigration to report to the Acc to try to stop the project after they have lost.

My cousin told me he knows that the losing bidder has a man in immigration including a very senior political deputy appointee who tried to get the project without bidding.

When they bid they lost and now trying to cause trouble. The ACC should investigate these complainants. Check how many times they have been to Colombo. Mahir should read the immigration public announcement. The companies proposed biometric solution has been “installed in over 100 locations including London Heathrow”. My cousin also mentioned that the other bidders also not implemented before biometric.

ACC never mention to hold anymore just rumors these people want to spoil Immigration and Nexbis... Nexbis must fight for their right..

There are running and making media false information which Informatics Colombo had paid alot to spoil Immigration and nexbis which proof how many times Deputy State Minister visit colombo and with them in Immigration Head office too..

3

jeramy

Mon 08/11/2010 - 18:04

This looks like a media frenzy project. but i wonder when the media says on nexbiz website it does not indicate any thing about border control. ? how much do ??? they know about border control. its the narrow mind set that clouds such important prjects like this, which would benifit this country which has got so many red warning flags ,of terror invitations? try imagining a once balli ? thats a touristisk heaven ? a country which welcomes people with friendliness and papmpering. maldives economy hugely depndeds on its beauty , inviting tourists? these projcets will defeinetley help to trace share and be on the alert for possibilities? who could this IT head be, my sources told me he is just a DRP politically promoted guy during the DRP regime by Kuvaa shafiu. just a boy scout from Malaysia only 7 days old for immigration border control project.

4

shiu

Mon 08/11/2010 - 18:09

do you guys no that Ilyas negotiated with the vedor and agreed by them not to charge even a cent from any Maldivian who holds a Maldivian Passport?

I dont understand how the government is paying a cent on this project. The full investment is from Nexbis and presently the visa card is charge usd.28 and also for visa stickers charged. with this agreement visa card is charged usd.15 and stickers are FREE. we dont care if the vendor is allowed to charged usd.2/- from the foreign arrival and depart from the country which is a very small acount compare to other country pay as security fees. Come on! for you guys this government can do no good. Fingure with every move and the people only suffer. It will be good the investors in to Maldives are not been disturbed due to political fighting of the ruling and oppositions. Once foreign investor runaway then its not the govenrment which will fail. Its the poeple who have to pay the cost. whole world is begging for solid investments to their country and here we Maldives is freightening the investors.

5

nasew

Mon 08/11/2010 - 18:10

Every single effort by the government to improve something is either met by the ACC or by the parliament.

There are always someone in each organization who would do the necessary leaking and the reporting. These are the contacts/connections kept by the Opposition parties.

The reason is either some of the Opposition members would get exposed, or their revenue stand to get reduced.

I do not understand why the ACC has to stop a process. If they find anything wrong they investigate and send it to the Prosecutor General.

6

nasir

Mon 08/11/2010 - 18:20

Ibrahim Waheed is telling lies , just he join immigration 6 days ago, he was working with informatics and when informatics was fail they want to fail all immigration system. This Bid evaluated by Finance and technical Part was evaluated by independent committee from finance as board request... Haveeru must be more responsible to write articles since 3 or 4 parties technical bid they had have now and even you can evaluate by your self... Ibrahim Waheed was join immigration 4 years back by DRP and he was got a scholar ship by immigration by Controller shafy that time also ACC notice. How can a person that stay so faraway knows everything... These every thing was wrote by Adam Naseer and Hamid Fathulla because they want to spoil Immigration. our Current border control system is going to fail next year March 2011. we knows how hard and how difficult we are working, since Ibrahim Waheed does know anything about Border Control system still our Passport have 10 years contract with OSD.

7

Ahmed

Fri 12/11/2010 - 09:57

http://www.computerworld.com.au/article/367336/nexbis_maldives_project_still/?fp=4&fpid=1398720840

Media speculation was based on a simple letter of hearsay.

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