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    Proton Holdings Bhd is the official seller of the MV Augusta motorcycle and now they are submitting the sales report to Mv Augusta.Read the full news from Bernama below

    PAC To Submit MV Agusta Sale Report Next Month


    KUALA LUMPUR, May 13 – The Public Accounts Committee (PAC) will submit its report on Proton Holdings Bhd’s sale of MV Augusta at one euro to Parliament next month.

    Its chairman Datuk Azmi Khalid said PAC had completed its investigation into the issue after calling up Proton for clarification on the sale of MV Augusta, an Italian motorcycle manufacturer.

    “We have called up Proton and the report will be presented to Parliament,” he told reporters after opening a seminar on quality audit at the Securities Commission here today.

    The investigation was undertaken after Proton acquired a 57.75 stake in MV Augusta in December 2004 for 70 millions euros (RM367.6 million) and decided to sell the stake a year later for just one euro.

    The sale, which drew criticisms at that time, helped Proton to write off the unit’s losses from its accounts.

    Azmi said that besides Proton, PAC was continuing its investigation into the Port Klang Free Zone (PKFZ) costing RM4.6 billion.

    He did not dismiss the possibility that several big names will be called to provide clarifications on the issue.

    “Before this, PAC (under Datuk Shahrir Samad) had called up those involved in the issue but the investigation was not completed because of the directive for an audit,” he said.

    “But we will continue with the case and call up those involved to give clarifications when the Parliament session begins,” he added.

    In addition, PAC will also discuss a proposal by its deputy chairman Dr Tan Seng Giaw for a subsidy scheme involving the toll rate of the Stormwater Management and Road Tunnel (SMART).

    Dr Tan, who is also the MP for Kepong, suggested that the matter be discussed between PAC and the Malaysian Highway Authority to ensure that the toll rate imposed on users is reasonable.

    On the seminar, Azmi reminded those in profession to focus on the integrity and quality of the audit process as it will enhance public confidence and trust towards their work.

    “To me, audit quality has many contributing factors, including good leadership, experienced judgment, technical competence, ethical values and appropriate client relationships, proper working practices, and effective quality control and monitoring review processes,” he said.

    “Thus, performing audit of high quality should be the priority of auditors in order to avoid more unexpected financial scandals which eventually lead to further erosion of public trust towards the profession,” he added.

    However, Azmi said that audit regulations in Malaysia are expected to be more stringent when the Public Companies Accounting Oversight Board, which was announced in the 2008 Budget, is set up.

    The seminar, entitled “Audit Quality: Towards Enhancing Public Trust”, was organised by the Mara University of Technology (UiTM) and Malaysian Accountancy Research and Education Foundation.

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    1 Response

    1. Niemans says:

      It gives me no pleasure to discuss in this forum but what the hell..damage is done. Maybe Proton can pay another RM367 million to buy my company which has no operational, engineering, and technological synergies with them and later sell it back for one Euro. Heck I would even pay 10 Euro for it..hehe!

      As reported:
      MV Agusta sold for 1 euro; Harley buys it for US$109m
      On18 July 2008 it is reported that:

      Harley-Davidson Inc. said it will buy Italian motorcycle maker MV Agusta Group for about £56 million to boost its presence in Europe, giving it entry into the popular performance bike market there.

      Chief Executive Officer of Harley-Davidson, Jim Ziemer said:

      “The MV Agusta and Cagiva brands are well-known and highly regarded in Europe. They are synonymous with beautiful, premium, Italian performance motorcycles. The acquisition of MV Agusta Group will enhance Harley-Davidson’s position as a global leader in fulfilling customer dreams and providing extraordinary customer experiences. We look forward to a long relationship with the MV Agusta and Cagiva families of customers and employees.”

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