Saab's factory in Trollhättan Photo: Björn Larsson Rosvall/Scanpix.

Further seizures of Saab assets expected today

The Swedish Enforcement Authority is expected to make a decision today on further procedures to seize Saab Automobiles' assets, reports news agency TT. The time limit expired Thursday on claims from companies who have not received payments totalling $US 740,000.

During the next two weeks the authority is expected to try to collect over $US 6.3 million, which risks affecting salary payments if Saab receives no new financing.

The procedure was launched on Wednesday when the time limit expired on payments due to two subcontractors.

The agency will seize assets which will hurt Saab the least, such as cash. If this is not sufficient to pay the demanded debts then other assets will come into play. This process may take up to three months, reports news agency TT.

The action against a company the size of Saab is unprecedented in Sweden, reports Swedish Radio News.

Saab's board received huge raises in 2011

Spyker's CEO Victor Muller showing the Pang Da CEO Pang Quinghue around in the car factory in Trollhättan last week.

The board of directors of Swedish Automobile, the owner of car-maker Saab, received large raises even while Saab's factory was shuttered and questions swirled about the company's survival in the spring of 2011, reports T4 News.

Our journalism is based on credibility and impartiality. Swedish Radio is independent and not affiliated to any political, religious, financial, public or private interests.
Du hittar dina sparade avsnitt i menyn under "Min lista".