Wednesday, April 25, 2012

Local Norfolk MP Richard Bacon voices concerns over Lotus in Parliament

In my last posting I talked about my gut feeling that Lotus would come out the other side of this DRB-Hicom takeover in good shape.
I am an outsider. I have worked for Lotus in Malaysia. I am not in contact with any Lotus insiders.
I trust my gut.
Several News outlets (BBC/ITV other) have covered the local Norfolk MP Richard Bacon.
He expressed doubts in the House of Commons.
I have taken this from the ITV coverage.

South Norfolk MP, Richard Bacon has told Parliament about his fears for the future of Lotus Cars.
He led a debate last night in which he claimed that Lotus has appointed professional services network, KPMG with a mandate sell the group, possibly to a Chinese business.
"The fact that KPMG has been appointed with a mandate sell Group Lotus to the Chinese is not an enoucraging sign.
"Nor is the fact that the Malaysian banks want their money back from Proton.
"I fear that proton will say it has decided to keep Lotus - while negotitating with the banks for as long as possible to write-off or reduce debt - and then hand what is left of Group Lotus to the Chinese or liquidate it."
– RICHARD BACON MP, SPEAKING IN THE HOUSE OF COMMONS Let the dust settle and see what transpires.My Charity project 'Innocence lost in the ice cream forest' is now being formatted for hardback.I have a little more control over this, than the future role of Lotus in the Motor industry.The book will be available on Amazon. All royalty payments go directly to charity.At the end of all this I still have the Motorsport University project. My gut feeling ... The book... The Motorsport University project... and Lotus will all be successful.(I never said I was bright!)

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