KUALA LUMPUR, Feb 23 — Proton’s current management will stay on until next month at least as the transfer of a 42.7 per cent stake to DRB-HICOM is still being processed, Tun Dr Mahathir Mohamad said today.

The Proton adviser also told reporters that “as far as I know, there is no confirmation” that Tan Sri Tengku Mahaleel Tengku Ariff was poised to make a shock return to the company.

“We are still in the process of transferring to a new company. By March we should be able to have the transfer of ownership.

“The new management has not been decided yet. At the moment it is still being managed by old management,” the former prime minister said.

The New Straits Times had cited sources early this month as saying that former chief executive Tengku Mahaleel would return as chairman, replacing Datuk Seri Mohd Nadzmi Mohd Salleh.

DRB-HICOM became the new controlling owner of Proton after its RM1.3 billion purchase of state investment arm Khazanah Nasional’s stake in the carmaker.

Tengku Mahaleel left Proton in September 2005 after his contract was not renewed following more than nine years with the company.

But this came after his criticism of the approved permit (AP) system to import vehicles, which he said was pushing Malaysia towards being an automobile assembly hub instead of having an automotive manufacturing industry.