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Mugen Boss caught!

Rezz

By Rezz,
in General Automotive Discussion

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Rezz Grand Master

Rezz

Posted
Posted

Hirotishi Honda, head of Mugen Co. has been accused of evading 1,000,000,000yen in taxes.

A commision has been assembled to gather details of how the company has "absorbed" profits from their F1 division in paticular, and the rest of the company.

The lucrative F1 business has been the primary source of the unpaid taxes. The unpaid taxes have been used to buy property and other assets.

I'll keep you posted on further developments.

/Rezz (druken spelling mistakes edit!all_coholic.gif)

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Rezz Grand Master

Rezz

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Start buying your Mugen goods - keychains, t-shirts, umbrellas, that sort of shit now, coz it may not be around for much longer!

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williamc Collaborator

williamc

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hmmmmmmmm but if they have been absorbing profits, it means that they are actually making profit......

its not like theyve have been absorbing their losses.....

So all im guessing it means is that they will have to sell the property etc to pay back the tax, its only about $12 mil australian

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Rezz Grand Master

Rezz

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Originally posted by williamc

hmmmmmmmm but if they have been absorbing profits, it means that they are actually making profit......

its not like theyve have been absorbing their losses.....

So all im guessing it means is that they will have to sell the property etc to pay back the tax, its only about $12 mil australian

I dunno. All I know now is that taxation department guys turned the offices upside down collecting financial records. Honda-san is like fully disgraced.

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Rezz Grand Master

Rezz

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Originally posted by DoughBoy

Hang on, people are actually making money in F1?

And here I thought all motorsport was a financial drain (but a good development/advertising agent)!

Aparently, Mugen Honda gets money just by scoring F1 Championship points. They've got 4 or wins to their name (don't ask me, thats what they said on the news) and for a win, you get a substantial amount. Mugen wasn't declaring their cut.

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Rezz Grand Master

Rezz

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I'm no Mugen expert, but Hirotoshi's father founded Honda Motor Co, and Hirotoshi wanted his own business, so the Mugen-Honda relationship is a family one. As for ownership, I'm sure a shitload of Honda money is in Mugen, how much though, I'm not sure.

Honda cancelled it's funding for it's F1 engines in 1992, and Mugen picked up the F1 left-overs and started the Mugen-Honda F1 engine supplier.

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Silver-Arrowz Grand Master

Silver-Arrowz

Posted
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Originally posted by DoughBoy

Hang on, people are actually making money in F1?

And here I thought all motorsport was a financial drain (but a good development/advertising agent)!

The big teams rake in the big bucks. Ferrari make a shit load cause it costs a mansion to have your company sticker on their car. Let alone the space on their uniforms and even the caps they wear after the race.

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