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SAAB CRISIS

EIB "must put its cards on the table"

Published måndag 25 april 2011 kl 13.56
Photo:Scanpix

The head of the IF Metal Workers Union, Stefan Löfven, is calling on the European Investment Bank (EIB) to show some transparency in its dealings with Swedish based car company Saab Automobiles.

On Sunday it ws revealed that the EIB, had with conditions attached, approved the sale of Saab's property arm last Thursday, but the decision was kept under wraps as the bank demanded that the conditions should remain secret.

Stefan Löfven said on Monday that the EIB should reveal what it is demanding from Saab, as rumours spread that the conditions, thought to contain the timescale of paying back EIB loans, were so harsh that the car company would be forced into liquidation.

Saab Automobiles has had trouble finding the money to pay sub-contractors over the past month, and as a result the company's factories have stood still while waiting for parts.

The deal to free up capital for Saab involves selling the property arm of the company, worth US$ 44 million, to Russian investor Vladimir Antonov. He would then lease the buildings back to SAAB Automobile.

The head of the IF Metal Workers Union said that the EIB "must put its cards on the table" and also called on the Swedish government to work actively to find a quick solution.

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