Following former premier Dr Mahathir Mohamad's explanation which "bad management" had cost national carmaker Proton RM3.4 billion in money reserves, a DAP has demanded a royal elect of exploration (RCI).
"DAP calls for a RCI in to a mismanagement of Proton as well as a billions of ringgit in waste suffered over a years, especially a RM3.4 billion waste in money reserves. This is a really critical matter deliberation which Proton is our national carmaker," pronounced DAP secretary-general Lim Guan Eng in a matter today.
Yesterday, English dailyNew Straits Timeshad quoted Mahathir as saying which Proton Holding Bhd's money reserves had fallen from a tall of RM4 billion to a towering low of RM600 million to assistance cut association losses.
According to Mahathir, Proton had accumulated RM4 billion during Tengku Mahaleel Ariff's reign as arch senior manager officer, though a money reserves had dropped to RM600 million during his inheritor Mohammed Azlan Hashim's stewardship.
Mahathir pronounced a waste have been partly due to a sale of Italian motorcycle manufacturer MV Augusta to a little-known association called Gevi SpA in 2006 for only a single Euro or RM4.80, even though Proton h! ad paid more than RM300 million for a 57 percent stake.
BMW subsequently paid 93 million Euros or RM446 million for one-third of MV Augusta. Following this, Harley Davidson paid for a rest of MV Augusta for US$ 09 million or RM360 million during a time.
Mahathir also claimed which Proton's downfall is caused by 'bad management'.
In a statement, Lim f! orked ou t which a transactions show which MV Agusta was resold to BMW as well as Harley Davidson for a total of RM800 million.
Hence a exploration should establish either a government should cut waste by cashing out immediately as well as winding up Proton, or risk losing more money as in a MV Augusta deal.
"This is an critical decision which must be studied by a (RCI) as a Malaysian open does not wish Proton to end up as a dedicated money cow which continues to chew (up) cash."
'Review Khazanah deal, too'
Lim, who is also a Penang arch minister, also wa! nts a RCI to demeanour in to either Khazanah Nasional Bhd, a government's investment arm, received a great cost when itdivestedits 42.7 percent interest in Proton to DRB-Hicom Bhd.
"DAP calls for a RCI in to a mismanagement of Proton as well as a billions of ringgit in waste suffered over a years, especially a RM3.4 billion waste in money reserves. This is a really critical matter deliberation which Proton is our national carmaker," pronounced DAP secretary-general Lim Guan Eng in a matter today.Yesterday, English dailyNew Straits Timeshad quoted Mahathir as saying which Proton Holding Bhd's money reserves had fallen from a tall of RM4 billion to a towering low of RM600 million to assistance cut association losses.
According to Mahathir, Proton had accumulated RM4 billion during Tengku Mahaleel Ariff's reign as arch senior manager officer, though a money reserves had dropped to RM600 million during his inheritor Mohammed Azlan Hashim's stewardship.
Mahathir pronounced a waste have been partly due to a sale of Italian motorcycle manufacturer MV Augusta to a little-known association called Gevi SpA in 2006 for only a single Euro or RM4.80, even though Proton h! ad paid more than RM300 million for a 57 percent stake.
BMW subsequently paid 93 million Euros or RM446 million for one-third of MV Augusta. Following this, Harley Davidson paid for a rest of MV Augusta for US$ 09 million or RM360 million during a time.
Mahathir also claimed which Proton's downfall is caused by 'bad management'.In a statement, Lim f! orked ou t which a transactions show which MV Agusta was resold to BMW as well as Harley Davidson for a total of RM800 million.
Hence a exploration should establish either a government should cut waste by cashing out immediately as well as winding up Proton, or risk losing more money as in a MV Augusta deal.
"This is an critical decision which must be studied by a (RCI) as a Malaysian open does not wish Proton to end up as a dedicated money cow which continues to chew (up) cash."
'Review Khazanah deal, too'
Lim, who is also a Penang arch minister, also wa! nts a RCI to demeanour in to either Khazanah Nasional Bhd, a government's investment arm, received a great cost when itdivestedits 42.7 percent interest in Proton to DRB-Hicom Bhd.
"Khazanah sold a interest for RM1.3 billion or RM5.50 per share, which is half of Proton's book value of RM9.81 per share as well as a write-down compared to a RM8 per share which it had creatively paid."Once again, it appears to be another example of a government understanding gone sour during a taxpayer's expense."
Lim proposed which Tengku Mahaleel be appointed a part of of a royal row as he was a single of a pass persons involved in office building up Proton's money in front of to RM4 billion.
"The exploration must then indicate a appropriate movement to be taken against those obliged for a towering waste incurred as well as a endorsed steps to forestall such future losses, especially when it involves open funds," he added.
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Courtesy of Bonology.com Politically Incorrect Buzz & Buzz
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