Monday, November 14, 2011

Proton, 1MRT amicably settle 'Lotus', 'Team Lotus' issue

KUALA LUMPUR (Nov 14): The legal dispute in the English Courts involving PROTON HOLDINGS BHD [] and 1 Malaysia Racing Team Sdn Bhd (1MRT) with regards to the 'Lotus' and 'Team Lotus' brands has been amicably settled.

In a filing to Bursa Malaysia Securities Bhd on Monday, Nov 14, Proton said the parties had agreed to the settlement terms earlier this month.

'The terms of the settlement are confidential but the deal sees the "Lotus" brand reunited under the sole ownership of Group Lotus.

'This includes the rights to the "Lotus" and "Team Lotus" names in Formula 1 motor racing,' it said.

It said 1MRT would race in the 2012 Formula 1 season under the name "Caterham F1 Team" and will use a "Caterham" chassis.

'The deal also sees a working relationship established between the parties and they will work together on future projects in the automotive field,' said Proton.

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