Bahrain Spends $1.5 Billion on McLaren

2023-12-02 - 10:17 p

Bahrain Mirror (Exclusive): The Bahraini government poured hundreds of millions of dollars into a losing project, only this year, just because there is someone who wants to prove that he "understands corporate restructuring."

Bahrain Mumtalakat (the state's sovereign fund) has once again opened its treasury to revive the McLaren sports car company, as part of a "no plan" in managing the loss-mired company.

Since March 2023, the government has injected 6 payments totaling half a billion dollars, in addition to a large loan injected through the National Bank of Bahrain in 2020 amounting to $360 million.

The amounts injected by the Government of Bahrain into McLaren in 2023 are as follows:

Month

Amount

March

$88 million

May

$63 million

June

$126 million

July

$107 million

September

$82 million

November

$101 million

Total

$567 Million

Prominent dissident Ibrahim Sharif commented on his "X" account, saying: "I don't know how those responsible for this failed investment can justify allowing a financially failed company to drag our sovereign wealth fund to the bottom (...) As for the House of Representatives, it is in a deep slumber."

The total amount of funds injected by Mumtalakat in restructuring McLaren over the past 3 years reached one billion dollars, in addition to other purchased stakes to boost Bahrain's majority stake in the company.

Bahrain bought Saudi Arabia's stake in the company worth half a billion dollars last June, bringing the total amount Bahrain has spent on McLaren to more than one billion and 500 million dollars.

The government, led by the crown prince, plans to put McLaren on the stock market after the company regains its balance, but it seems that nothing managed by this government is going to regain its balance, neither the state budget, nor the loss-making companies, and not even Bahraini society.

Arabic Version



المصدر: Bahrain Mirror
رابط الموضوع: http://bh-mirror.no-ip.org/en/news/63931.html