Proton
Proton senior management has called analysts and fund managers to inform them of more bad news to come. The management disclose that Proton need to further set aside more money to cover loans that it may not recover, a move that could further hurt it’s earning. The management told analysts yesterday that Proton did not make a full provision for advances given to an undisclosed unit.
This briefing was conducted by its COO Datuk Kisai Rahmat and Datuk Kamarulzaman Darus.
But the briefing was indeed brief and analysts were fuming.
“Why call a briefing when you have nothing to say,” one analyst said.
Last week, Proton made provisions of RM137 million for doubtful debts, the bulk of which was made to cover potential losses from car sales abroad that went wrong.
Corporate governance? Transparency? APs? KPIs? Balance Scorecards? Where are they? It was implemented by Proton during Mahaleel's tenure. What happens? Is it another Malaysia record? Malaysia Boleh again? Good luck sir!!!!
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