Aug 4, 2006

Memo to ACA: Probe Proton Holdings

The opening of the can of worms? Will there be a transparent investigation?

** Link - Tengku Mahaleel surpised by the leak of audit report

Excerpt from MalaysiaKini
Parti Keadilan Rakyat (PKR) today submitted a memorandum to the Anti Corruption Agency (ACA) requesting an investigation to be conducted on the company’s alleged mismanagement of finances.

This followed a DAP call to the ACA for a probe into the senior management of Proton Holdings Bhd yesterday,

ACA's Senior Assistant Commissioner II Abu Zubir Mahfodz, who received the PKR memorandum, confirmed that it had fulfilled the three prerequisites required for an inquiry into Proton’s alleged mismanagement, that was featured in an expose by business weekly The Edge and an article by the News Straits Times, both carried on Monday.

Highlighted transactions of business dealings that investigations were called for include the purchase of MV Augusta in 2004, Proton’s investments in China and PT Tracoma, the circumstances leading to the purchase of Lotus Group International Limited and the cost of construction/equipment for Proton’s Tanjong Malim factory.

The party urged the ACA to take action against former Proton CEO Tengku Mahaleel Tengku Ariff and the individuals responsible for the mismanagement of Proton to the point of incurring losses amounting to several billion ringgit.

“The reason why this cannot be ignored is that Proton, unlike MAS, eats into the life of every Malaysian. Much of our money has been used to protect Proton when it was unprofitable, and the money that was used has been squandered,” said Xavier.

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