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Russian backer secures Saab property funds

Russian businessman Vladimir Antonov has agreed a deal with an independent European bank to handle payments to Swedish carmaker Saab with regard to the sale of its property holdings, his spokesperson has confirmed.

Russian backer secures Saab property funds

Antonov’s spokesperson Lars Carlström confirmed the deal to broadcaster TV4 Väst on Monday while declining to name the bank pending reaction from the Swedish National Debt Office.

The Debt Office and Saab have enter an agreement in principle to ensure that Saab receives reasonable compensation for the sale of its property, that an independent bank secures the payments and that there remains no doubt regarding the buyer.

All that remains for the agreement to be finalized are a number of details, the Debt Office confirmed on Monday.

They have however not processed Vladimir Antonov’s ownership application.

“I have nothing about the ownership. It is ongoing,” said Unni Jerndal at the Debt Office.

The Swedish government has demanded that Antonov undergo a form of character analysis in order to allow him to buy Saab. The process is not however unusual.

“I think it is more common than we imagine. That we do not hear about it so often is because it concerns deals that do not reach the general public,” said Mikael Wickelgren, lecturer in business administration at the University of Skövde.

The government’s review of the Russian financier is welcomed by Antonov himself, Lars Carlstrom said.

“He can withstand the scrutiny, everything is transparent from our side. We have been providing all the information that the National Debt Office has wanted,” he said.

According to Carlström, all the issues have now been investigated.

The Local reported at the time of Dutch Spyker’s purchase of Saab from US firm GM in early 2010, that a Swedish government investigation into the dealings of the Russian Antonov family had caused the FBI to order GM to pull out of the deal in December.

Only after assurances that Antonov was not in fact underwriting the deal, was the purchase completed, while the doubts over financing have persisted in the interim period.

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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.