I want to get input from the C&V group about a potential problem with the bars on the Centurion Ironman I recently acquired. The previous owner drilled two holes on each side of the bars (total four holes). They are 1/4 inch holes located 3 inches from the center, they are drilled one on the top and one directly underneath, on the bottom, on each side. The bars are Nitto, Olympiade all alloy with an alloy sleeve in the center.

My LBS was working on the bike and commented that this was a dangerous situation because the bars are alloy and they could fail, and the failure would be sudden. It should be noted that when I re-wrap the bars, these holes will be covered, so early stress detection will be limited to noticing a bend.

Is he correct? Is this an unsafe situation? These are really nice bars and I'd hate to toss them if its not necessary, but if they are not safe, then I will replace them.