Mugen Boss caught!

[Rezz]

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!)

[Guest RedLineGTR]

thats a dam load of zeros.......dam..

[Guest RedLineGTR]

money is money...the more money the better in business.

[Rezz]

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

[Nismodified]

not many honda fellas here

[Rezz]

Mugen gear might be worth a bit down the track if they go under...

[Silver-Arrowz]

Hehe... Looks like BAR need to find a new engine supplier.

[Parag0n]

wow 1 billion yen eh that could buy me alot of skylines !

[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

[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)!

[Rezz]

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.

[Rezz]

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.

[Timmy G]

so is mugen owned by honda? or just specialising in tuning honda stuff?

[Rezz]

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.

[R31Nismoid]

hhmm... if they go through ALL the books (that they will now) then who knows what else they might find...

[Rezz]

Thats what I`m thinking...

[Silver-Arrowz]

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.

[Timmy G]

i don't think they aim to profit, they put all the money back into driver salaries and r&d

btw when i first read this thread i thought it was like..

Subject: Mugen Boss caught!

Body:

... doing 300kph

[CerealKiller]

Originally posted by Timmy G

btw when i first read this thread i thought it was like..

Subject: Mugen Boss caught!

Body:

... doing 300kph

same. I thought he was trying to out do the Top Secret boss (like the UK incident.)

[Timmy G]

ah yeah i saw that. with the supra and r33 gt-r