Private defence contractor Richard Young has welcomed a finding that defence acquisition chief "Chippy" Shaik had a conflict of interest in the procurement of South Africa's arms package.

"That certainly vindicates my position," he said on Thursday shortly after a report on a multi-agency investigation into the deal was tabled in parliament.

Young heads the company CCII Systems, which was originally listed by the SA Navy as the preferred supplier of combat technology for the navy's four new corvettes. The corvettes form part of the multi-billion rand deal.

Young lost the corvette contract to the Thomson Group and African Defence Systems (ADS).

In public hearings earlier this year he claimed a conflict of interest on the part of Shaik in the matter.

Shaik's brother Shabir is a shareholder in Thomson, which has an interest in ADS.

With acknowledgements to SAPA and The Star.

For the full text of Chapters 10, 11 and 14 of the Arms Deal Report, see our website under VPO Special Items, Special Reports

Chapter 10 : The Selection of Subcontractors and Conflict of Interest
Chapter 11 : Allegations/Complaints by C²I² Systems Pty (Ltd)
Chapter 14 : Key Findings and Recommendations