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GENERAL MOTORS

General Motors slammed in Saab sale exposé

Jöran Hägglund, state secretary to enterprise minister Maud Olofsson and the Swedish government's representative at the heart of the deal to sell Saab, has published a book exposing the battle to save the troubled firm.

General Motors slammed in Saab sale exposé

Hägglund’s book – Saab Affären Inifrån (literally: The Saab deal from the inside) points the finger at US giant General Motors and “foolish and opportunist” opposition parties, in a revealing exposé of the complicated negotiations behind the deal to sell the iconic Swedish brand to Dutch minnow Spyker Cars.

The book argues that US owners General Motors had a “hidden agenda” to close the firm down, but kept a different line publicly.

The book, which covers the 18 months leading up to the sale of the firm in February 2010, details the negotiations with General Motors, Koenigsegg Group, Spyker Cars and a raft of other interested parties which fell away as a deadline for the deal and closure of Saab approached.

Hägglund, furthermore reveals that he would rather have seen Italian firm Fiat take over the Trollhättan-based firm, followed by Chinese firms Geely or BAIC, and details an internal battle between forces party to the deal.

“The future of Saab developed into an affair with both the industrial, economic and political overtones,” publishers Ekerlids stated in a press release covering the book’s release on Thursday, observing that the Saab question at time came to dominate the political debate at the turn of 2010.

Jöran Hägglund writes scathingly of the opposition parties who he says hounded the government, demanding that the firm be nationalised.

“Foolishly, opportunist and irresponsible are the adjectives closest to describing the three parties’ actions,” Hägglund writes adding, “we quite frankly became very angry at them.”

Hägglund details a scenario where GM is alleged to have shown ambivalence to the destiny of Saab, caring only for its own commercial interests.

He argues that when the storm had settled after the withdrawal of Koenigsegg Group, the emergence of Spyker as suitable buyers was “proof that there were various internal agendas in (GM) senior management.”

Spyker Cars eventually completed the deal to purchase Saab on February 23rd 2010, with payment completed on July 5th.

While it emerged from the book that Fiat was the Swedish government’s favoured buyer, Hägglund describes a positive first meeting with Spyker Cars’ flamboyant CEO Victor Muller.

“It was as if a kitchen fan had just passed by,” Hägglund said, while confirming that despite the apparent breath of fresh air to the proceedings, Spyker’s suitability came into question due to the involvement of Russian banker Vladimir Antonov.

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CARS

Former Swedish Saab bosses appear in court

Swedish car maker Saab's former CEO Jan Åke Jonsson and the firm's former head lawyer Kristina Geers have appeared in court in Vänersborg in west Sweden, accused of falsifying financial documents shortly before the company went bankrupt in 2011.

Former Swedish Saab bosses appear in court
Saab's former CEO Jan Åke Jonsson. Photo: Karin Olander/TT
The pair are accused of falsifying the paperwork at the height of the Swedish company's financial difficulties at the start of the decade.
 
A third person – who has not been named in the Swedish media – is accused of assisting them by issuing false invoices adding up to a total of 30 million kronor ($3.55m).
 
According to court documents, the charges relate to the firm's business in Ukraine and the paperwork in question was signed just before former CEO Jan Åke Jonsson resigned.
 
Both Jonsson and Saab's former head lawyer Kristina Geers have admitted signing the papers but denied knowledge of the Ukranian firm implicated in the case.
 
All three suspects deny all the charges against them.
 

Saab's former head lawyer Kristina Geers. Photo:  Björn Larsson Rosvall/TT
 
Saab filed for bankruptcy at the end of 2011, after teetering on the edge of collapse for nearly two years.
 
Chief prosecutor Olof Sahlgren told the court in Vänersborg on Wednesday that the alleged crimes took place in March 2011, when Saab was briefly owned by the Dutch company Spyker Cars.
  
It was eventually bought by National Electric Vehicle Sweden (Nevs), a Chinese-owned company after hundreds of staff lost their jobs.
 
The car maker, which is based in west Sweden, has struggled to resolve serious financial difficulties by attracting new investors since the takeover.
 
In October 2014 it announced it had axed 155 workers, close to a third of its workforce.
 
Since 2000, Saab automobile has had no connection with the defence and aeronautics firm with the same name. It only produces one model today, the electric 9-3 Aero Sedan, mainly targeting the Chinese market.