Panel to question MV Agusta sale

(Bernama) – The Public Accounts Committee is expected to call up Proton Holdings Bhd for clarification on the sale of Italian motorbike manufacturer MV Agusta for E1 (RM4.80).

PAC chairman Datuk Azmi Khalid said the commission would like Proton Holdings to explain the sale in 2006.

He was speaking after officiating at the sports day of the Methodist Boys School here yesterday.

Proton had acquired a 57.75 per cent stake in MV Agusta in December 2004 for E70 million.

The company, however, decided to sell the stake a year later to GEVI s.p.a for just E1.

The sale helped Proton to write off the unit's losses from its accounts.

Azmi said PAC also planned to seek further clarification from other government-linked companies.

"Although it is not our responsibility to call up the GLCs, we are doing so to get a clearer picture of their annual accounts.

"We have drawn up a schedule and the sessions will begin next week."

He declined to name the GLCs to be called up by the committee.