Proton LogoProton has responded to allegations/speculation that Proton’s disposal of its previously owned 57.75% shareholding in MV Agusta for a sum of 1 Euro was not carefully considered with an official statement today, following an announcement last week that Harley-Davidson was going to buy MV Agusta for 355 million ringgit.

In the statement Proton said that due to the conditions and limited options available during that time it was in the best interest of the company to let MV Agusta go based on operational, commercial and financial consideration as at that point of time there was a real danger of MV Agusta falling into bankruptcy.

The international investment bank appointed to advise Proton on its shareholding in MV Agusta had informed Proton that continuing to try to develop MV Agusta into a company with positive cashflow would require significant cash backing from Proton over a long period of time, which would result in the exposure of Proton to significant operational, financial and reputational risks.

Proton also added that from an operations perspective it was advised that there was no way to integrate MV Agusta operations into Proton’s big picture.

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