Thursday, July 05, 2007

RM500 million to bail out Proton's parasites

How is "save the distributors and vendors" even remotely associated with the Automotive Development Fund (ADF)'s charter of "modernising the domestic automotive sector"?

Now, didn't I say that govt was going to bail out Proton's parasites? Was I right or what? And how much is this going to cost the Malaysian public? RM500 million!

They should let those bastards die a natural death.

Cash or in kind for Proton assets?
by B Suresh Ram (03-07-2007 The Edge)

Meanwhile, it was revealed in Parliament that the government will utilise allocations from the Automotive Development Fund (ADF) to safeguard Proton's distributors and vendors.

Prime Minister Datuk Seri Abdullah Ahmad Badawi said allocation from the fund would be used to "save the distributors and vendors" business as well as enhance their level of effectiveness.

The government has allocated RM500 million for the ADF to modernise the domestic automotive sector. The fund to be managed by the International Trade and Industry Ministry (Miti) under the Ninth Malaysia Plan is for a five year period.

In a written reply to Datuk Badruddin Amiruldin (BN-Jerai), he said Proton in implementing the Proton Automobile Distributors Merger Programme could also use allocation from the fund to reduce the number of distributors of the national car.

"Distributors who have agreed to close down their business voluntarily will be given compensation to offset their short term financial difficulties," Abdullah who is also Finance Minister said.

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