General Motors has announced the beginning of loan repayments to the US, Canadian and Ontario governments, coughing out $1.0 billion to the US Treasury and $192 million to Export Development Canada.
“We are grateful for the support the governments have provided us. We look forward to continuing repayments through June 2010, at which time the balances will be paid in full, assuming no downturn in the economy or business,” the press release said.
The US government, which now owns 60 per cent of GM, will recover $6.7 billion in June should GM’s promise hold through.
Danny Tan loves driving as much as he loves a certain herbal meat soup, and sweet engine music as much as drum beats. He has been in the auto industry since 2006, previously filling the pages of two motoring magazines before joining this website. Enjoys detailing the experience more than the technical details.
duit rakyat
Ya.. Tax payer money .
hahaha
GM pay back the G officially, but someone in this country have been milking it for so long that i never heard them pay back the G financial support officially also…
i support what littlefire said. At least they pay it back at such short period of time.
You should know littlefire.
Proton (and P2-pretend to be national) doesn't have to payback.
Since most of the sum money given to them are not declared as LOAN (like GM), but it's to be declared as GRANT.
You no need to payback a grant when you succeed doing the job, but have to pay it back if you failed.
Let say.. example RM50M grant given to proton for something like:
To kept RM500Million/year cashflow to remain in Malaysia and not gone to japan/europe by buying their cars/auto.
Isn't that worth it?
yup.. malaysian G have lots of grants..
almost to everyone in every sector of business..
& for GM.. at least they pay them back.. =)
yup…….. tambah plak…. ramai gak rakyat malaysia termasuk pelajar U dapat keistimewaan nie… tap ramai yang liat nak bayar balik bila dimintak bayar balik….. tak bising plak pembayar cukai kat malaysia nie…. ke diaorang pun termasuk dalam senarai tu gak kot ?….
Mysticmind said,
December 21, 2009 @ 12:05 pm
You should know littlefire.
Proton (and P2-pretend to be national) doesn’t have to payback.
Since most of the sum money given to them are not declared as LOAN (like GM), but it’s to be declared as GRANT.
—
Correct, correct, correct
LOAN = you have to pay back
GRANT = Free money. And you wonder why all these Grant fed seed industries all fail…… no risk mah. Not my money why do I care if I succeed or not?
stupid gm. please sell off saab
americans make ridiculous big V8s with hugeeeee displacements yet they're gutless engines, not to mention the fuel consumption, period.
Mysticmind,
Does that mean that all my Tax money will be going into the company without even giving us back or more benefits? So by using Grant, they can just do whatever they want about our tax money? Just like PKFZ? Now i know why our country money is running out! We are screw as all GLC are bail out using Grant! They no need to pay back to the G, but just to stay alive!
Insider rumored that "each" people in this country have paid almost RM400-500 tax just to finance PKFZ until today..
So P1 for almost 20 years, i think we need some math to calculate how much tax money they used to bail out for so many years, with the tax money they pay back the G. I wonder which 1 is more..
O$P$……. about damn time.
as for PKFZ, thats a whole load of crap. the people behind it, the people covering it up and we are the ones that paid them for their bullshit money grabbing.
america is satan
GRANT is not free money. GRANT is money to help one achieve an objective.
Maybe it's time Proton starts pay dividen to G.
thanks for article and share.