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Saab turmoil

Debt Office OKs Russian Saab stake

Publicerat torsdag 28 april 2011 kl 15.22
Russian businessman Vladimir Antonov and head of the debt office Bo Lundgren. Photo: Scanpix. Montage: P4 Väst.

An investigation of financier Vladimir Antonov by Sweden’s National Debt Office has turned up no reasons to object to the Russian businessman taking a major stake in the troubled Swedish carmaker Saab. Antonov has sought approval for a €30 million investment that would give him 30 percent of the shares in the company.

Since its acquisition from General Motors by the Dutch company Spyker last year, Saab has struggled to pay suppliers, and production lines have stood idle repeatedly in recent months due to lack of parts.

Antonov met with officials from the Debt Office for several hours on Tuesday, answering questions about his plans as a major Saab shareholder. The agency’s chief, Bo Lundberg, said the request would be forwarded to the government, after which approval will be needed from both the European Investment Bank and former owner GM.

General Motors wrote in a press release on Thursday that they are willing to accept Antonov but not without some requirements being met. What those requirements are is still unclear.

Saab subcontractor forced to lay off staff

The chaos at Swedish-based car manufacturer Saab has lead to serious problems for the company’s suppliers. IAC Group, one of Saab’s largest subcontractors is now warning that they might be forced to lay off up to 400 employees.

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