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  • PAC IS EXPECTED TO CALL UP PROTON OVER MV AGUSTA SALES

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    Proton need to give detail information and explanation to PAC about the sale of MV Agusta.Read the detail news from Bernama below:-

    PAC TO CALL UP PROTON OVER MV AGUSTA SALES

    The Public Accounts Committee (PAC) is expected to call up Proton Holdings Bhd for clarification, on the sale of Italian motorbike manufacturer MV Agusta, for one euro.

    PAC chairman Datuk Azmi Khalid said the PAC would like Proton Holdings to explain the sale in 2006.

    “We hope to get more detailed information on the sale of MV Agusta,” he told reporters after officiating the sports day of the Methodist Boys School here today.

    Proton had acquired a 57.75 per cent stake in MV Agusta in December 2004 for 70 million euro (RM367.6 million. The company however decided to sell the stake a year later to GEVI s.p.a for just one euro.

    The sale helped Proton to write off the unit’s losses from its accounts.

    Azmi also said that the PAC has planned to seek further clarification from other Government-Linked Companies (GLCs).

    “Although it is not our responsibility to call up the GLCs, we are doing so to get a clearer picture of their annual accounts.

    “We have drawn up a schedule and the sessions will begin next week,” he said.

    He however declined to name the GLCs to be called up by the PAC.

    He also disclosed that the PAC had received many complaints from contractors and suppliers seeking its assistance in resolving problems.

    “We find that when the government has announced a massive stimulus package to ward off the economic slowdown and the money is not paid out, then it is not effective in tackling problems in the market,” he said.

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