Proton must explain why they sold MV Agusta for only one Euro in 2006 when BMW can purchase Husqvarna Motorcycles, a unit of MV Agustaa for an undiscl
(Petaling Jaya, Monday): In the public interest, Proton Holdings Bhd should explain how BMW can acquire Husqvarna Motorcycles for an undisclosed sum from MV Agusta. Husqvarna is famous for building rugged, off-road bikes. According to Reuters report dated 20 July 2007, Husqvarna first made motorcycles in Sweden in 1903 and belonged to MV Agusta. Proton Holdings Bhd (Proton) acquired MV Agusta for 70 million euros ($96.7 million) in 2004 and sold early last year for the token sum of 1 euro. Public interest requires a full accounting from Proton on how BMW can pay an undisclosed sum for one of the many units of MV Augusta whilst Proton sold off the entire MV Agustaa for only one euro. Proton chairman Datuk Mohd Azlan Hashim admitted that Proton lost about RM500 million at the time of acquisition of MV Agusta comprising of the purchase amount of RM367.6 million and the additional provisions relating to MV Agusta in the accounts of the Proton group for the financial year 2005/06 of RM136....