A week after the Malaysian Ministry of Trade and Finance (MITI) issued an ultimatum to Proton, the cabinet went on to approve a loan of RM1.5 billon applied by the national carmaker, a sum which will be used to pay its vendors. The move is necessary to ensure the welfare of 12,000 Proton employees and 50,000 staff from its vendors.
Once again, Proton receives a helping hand. Proton’s CEO, Dato’ Ahmad Fuaad Kenali said “The announcement by the Government will catalyse PROTON’s turnaround plan which includes the rolling out of three new models this year starting with the Perdana. With the infusion of new members of management, the Company is confident to turnaround.
As we previously reported, Proton has to meet four critical conditions for it to escape death. In light of that, the government will form a taskforce, comprised of six individuals from both the public and private sectors, to be led by Datuk Seri Idris Jala to foresee Proton’s transformation.
With the new Proton Perdana coming very soon, let’s hope this will mark the dawn of a new era for our struggling automotive company.
[Source: The Star]