And someone made a lot of money out of the MV Agusta deal. Dr M could be pulling our leg when he said this morning that VW had offered to buy 51 per cent stake for RM1. But what's not a joke is that the people who bought MV Agusta from Proton for 1 euro (about RM4) made a bundle recently by selling Husqvarna, which was part of MV Agusta, for 93 million euro, to BMW.
The former PM had condemned the Proton administration for selling MV Agusta but the move was defended then by PM Abdullah Ahmad. Proton had bought MV Agusta for RM500 million when Tengku Mahaleel Ariff was the chief executive officer. Dr Mahathir said Gevi, the company that supposedly bought MV for RM4, was also a mystery as it was not listed on the Italian stock market."When they sold MV for RM4, I referred it to the Securities Commission. The SC said it was OK as Proton had assets of RM10 billion! But I don't know how much the assets are worth now. Can't be that much or VW wouldn't have offered to buy 51 per cent of Proton for only RM1. But I can't confirm this, of course."At this point, Tengku Mahaleel stood up and informed the former PM that BMW had paid Husqvarna 93 million euros, which amounts to RM446 million after conversion, and not RM300 million.Dr M: "My goodness!"
--- pause ---
Dr M: "Apa kira? What's another few million ringgit of losses? If we are going to lose money, why not lose a bit more?"
Wednesday, August 15, 2007
Did VW offer to buy Proton's stake for RM1?
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