MV sold for just 69p

Proton has sold its 57.75% share of MV Agusta for just 69p (one Euro) after investing £48m in buying it in 2004.

The deal has caused a row in Malaysia where the former Prime Minister Mahathir Mohamad has been demanding an explanation. The former PM created Proton in 1983, according to TMC.NET (read the full report, here)

Their stake in MV Agusta Motors S.p.A. is being sold to GEVI S.p.A. GEVI will assume Agusta’s debts totaling £73 million.

Malaysian sources say Proton’s second quarter net losses last year are being blamed on Agusta’s debts.

More on this story in the next issue of MCN – out January 11, 2006.

Got spare bike parts, tools or kit? Sell it FREE on MCN Auctions: Click here