Financial Mayhem of PROTON

Just as the dust on MAS settles (or has it?) we now hear of another horror story of another GLC that has lost millions of ringgit through a dubious deal that smacks of criminal negligence.

If financial mismanagement had not been long discovered, the people in PROTON would have invented it.
Just look at the timeline and one cannot feel that Malaysians have been duped with the massive losses. It is time we stuck the auditing dogs on what goes on in Khazanah and the Ministry of Finance behind their gold-plated facade.

These guys are messing around with the nation’s reserves and losing RM314 million within one year should warrant a commission of inquiry to see if there has any been criminal intent. Since the last Commission finished the last inquiry in double quick time, the members should be given a break and new commissioners selected.

I would ask the Commission these questions.

1. Why did Proton rescue the foreign company when it was a losing preposition in the first place?
2. Who advised Proton on the benefits of the investment?
3. What did Proton do to turn around the company?
4. Why did Khanazah approve such a deal for a loss-making company?

Letting go of such a financial drain is probably a good decision but we should also find out what went wrong.
If a private individual makes such a bad mistake, he would record the details for future benefit. When a government makes such a mistake, taxpayers are entitled to know the truth so that more competent people can be put in charge.

All this assumes that it was an honest mistake. One shudders at the idea that criminal intent could also be part of the scenario.

photo:http://www.t5net.de/daytona/crashpics/crash-speed-ed00ed-3.jpg