Wednesday, August 09, 2006

The PWC report in brief

According to a recent report by PricewaterhouseCoopers, Proton was mismanaged from 1996 (when Proton bought a 63.75 per cent stake in Lotus Group International Ltd) until late last year. FYI, Tengku Tan Sri Mahaleel Ariff was Proton's chief executive from 1997 until he was removed in July last year.

The PWC study was commissioned by Proton chairman Datuk Mohamed Azlan Hashim and the present management on September 2 last year.

The report was revealed by a financial weekly and a foreign newspaper (leaked?)

The report mentions that some projects were implemented without proper consultation or consent, billions of ringgit in expenditure spent without indepth discussion, and the board being unaware of legal problems.

Proton managing director Syed Zainal Abidin Syed Mohamed Tahir does not rule out the possibility of going to the courts.

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