In May this year, second finance minister Datuk Seri Johari Abdul Ghani revealed the government will reimburse Proton RM1.1 billion as a grant for the national carmaker’s previous research and development (R&D) work. Recently, DRB-Hicom confirmed that the sum has been received by the national carmaker, according to a report by The Star.
“Perusahaan Otomobil Nasional Sdn Bhd (PONSB) intends to fully settle its syndicated loan facility and thereafter help Proton to part settle its shareholders’ advance due to DRB-Hicom from the remaining funds of the R&D reimbursement grant of RM1.1bil,” it said.
Proton had previously requested the government to reimburse some of the money the company invested into R&D, which is said to amount to over RM18 billion since the company’s establishment in 1983.
On September 29, DRB-Hicom and Geely Holding Group announced Li Chunrong as the new CEO of PONSB at a joint press conference. Other personnel of holding company Proton Holdings Berhad (PHB) were also revealed during the event.
DRB-Hicom and Geely hold 50.1% and 49.9% stakes in PHB, respectively. Meanwhile, PONSB and Proton Edar are 100% subsidiaries of PHB. For all three entities, DRB-Hicom has one additional seat at board level; matching the 50.1% stake that it holds.
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AI-generated Summary ✨
Comments express frustration over Proton’s use of RM1.1 billion R&D reimbursement, alleging funds are misused for rebadging, vendor payments, and superficial upgrades rather than genuine innovation. Many criticize Proton’s ongoing losses, poor product quality, and continued reliance on government bailouts instead of sustainable growth or R&D breakthroughs. Several comments suggest Proton should cease operations or focus solely on rebadging, emphasizing that the funds could be better used for public services like hospitals or schools. There is skepticism about whether Proton’s R&D grants result in meaningful technology, with accusations of mismanagement and wastage, and some mention that Proton’s debt and land assets are significant concerns. Overall, the sentiment is critical, questioning the value and transparency of government support for Proton.