malaysia pm vows no more blank cheques
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today
Almaghrib Today, almaghrib today
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today

For Proton

Malaysia PM vows no more 'blank cheques'

Almaghrib Today, almaghrib today

Almaghrib Today, almaghrib today Malaysia PM vows no more 'blank cheques'

Malaysian Prime Minister Najib Razak
Kuala Lumpur - Arab Today

Malaysia's troubled national automaker Proton can no longer rely on a "blank cheque" from the government, Prime Minister Najib Razak warned Tuesday, saying it must address serious flaws in its business model.

Najib also took a swipe at his political rival, former premier Mahathir Mohamad -- declaring that "Mahathir's era of political interference (in Proton) has come to an end".

In April the government approved a bailout package of 1.5 billion ringgit ($384 million) to help the struggling state-owned company with its debts.

"The loan was not a blank cheque," Najib said in a statement after launching a new Proton model.

The package was conditional on the firm drawing up comprehensive plans to reverse falling sales.

Najib said the government had provided Proton with 14 billion ringgit over three decades but its share of the domestic automotive market had plunged to 15 percent now from 74 percent in 1993.

He said two factories were built, capable of producing 400,000 units a year, but Proton managed to sell only 102,000 cars last year.

"Proton is not currently in the position that it should be," the premier said.

The urgent need for the cash injection exposed serious structural flaws and the need to end political meddling, he said, while pledging continued support for the manufacturer.

Najib also announced the formation of a task force to help Proton find a foreign partner to ensure it remains viable.

"There has been too much political interference in Proton's strategy, management -- including of personnel -- and business model," he said, singling out Mahathir.

Mahathir, 90, who has launched a political campaign to oust Najib over alleged corruption involving a scandal-laden state fund, resigned as chairman of Proton in March.

He had founded the company in 1983 as part of an ambitious national industrialisation plan, but it has earned a reputation for unimaginative models and poor quality.

Source: AFP

almaghribtoday
almaghribtoday

GMT 12:34 2018 Tuesday ,16 January

Yamaha motorcycle comes on command

GMT 12:23 2018 Monday ,15 January

Detroit Auto Show opens on Sunday

GMT 11:05 2018 Sunday ,14 January

Tesla faces fresh Norway lawsuit

GMT 12:45 2018 Saturday ,13 January

BMW drives to new sales record

GMT 09:30 2018 Friday ,12 January

French carmaker PSA uses Macron reforms

GMT 12:16 2018 Thursday ,11 January

Aston Martin targets London float

GMT 10:45 2018 Wednesday ,10 January

Toyota brings the store to you

GMT 11:45 2018 Tuesday ,09 January

Mercedes-Benz claims luxury pole position
Almaghrib Today, almaghrib today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

malaysia pm vows no more blank cheques malaysia pm vows no more blank cheques

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

malaysia pm vows no more blank cheques malaysia pm vows no more blank cheques

 



Almaghrib Today, almaghrib today Skincare PR Performance Full Year 2017

GMT 09:22 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Almaghrib Today, almaghrib today New hunt for flight MH370 gets under way

GMT 11:03 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Almaghrib Today, almaghrib today Modern colorful bedroom renovation

GMT 10:57 2017 Thursday ,21 December

Modern colorful bedroom renovation
Almaghrib Today, almaghrib today Puigdemont candidate for Catalan president

GMT 13:56 2018 Tuesday ,23 January

Puigdemont candidate for Catalan president
Almaghrib Today, almaghrib today Turkey detains dozens more

GMT 10:47 2018 Wednesday ,24 January

Turkey detains dozens more

GMT 07:43 2017 Monday ,16 October

'Final phase' of battle for Raqa

GMT 07:58 2011 Monday ,17 October

Chinese stocks close 0.37 pct higher Monday

GMT 13:38 2011 Friday ,11 November

Tips to great skin and hair

GMT 16:57 2017 Tuesday ,24 January

Bahrain condemns attack on market

GMT 19:36 2017 Thursday ,13 April

Despite warning, Assad regime uses barrel bombs

GMT 18:42 2017 Tuesday ,11 April

Muscat Securities Market Loses 29 Points

GMT 11:44 2014 Saturday ,01 November

Arab League council to hold emergency meeting Sunday

GMT 09:21 2011 Monday ,17 October

Tulisa showed on X Factor

GMT 18:08 2017 Tuesday ,17 January

Jordanian Royal Decree Approves Cabinet Reshuffle

GMT 09:07 2011 Sunday ,12 June

Israel to allow limited goods into Gaza

GMT 12:16 2011 Saturday ,18 June

Marilyn Monroe dress stars in Hollywood sale

GMT 13:42 2011 Sunday ,30 October

Watermelon helps reduce atherosclerosis

GMT 21:45 2017 Thursday ,27 April

US dollar exchange rate stable at major banks
Almaghrib Today, almaghrib today
 
 Almaghrib Today Facebook,almaghrib today facebook  Almaghrib Today Twitter,almaghrib today twitter Almaghrib Today Rss,almaghrib today rss  Almaghrib Today Youtube,almaghrib today youtube  Almaghrib Today Youtube,almaghrib today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

.almaghribtoday .almaghribtoday .almaghribtoday .almaghribtoday
almaghribtoday almaghribtoday almaghribtoday
almaghribtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
almaghribtoday, Almaghribtoday, Almaghribtoday