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Antonov to Sweden for Saab crisis talks

Russian financier Vladimir Antonov is to arrive in Sweden on Tuesday to meet state representatives to discuss the future of crisis-hit Swedish carmaker Saab.

Antonov to Sweden for Saab crisis talks

Antonov, who backed the purchase some of Saab Automobile by Dutch Spyker from US GM, will meet with Bo Lundgren, the head of the National Debt Office (Riksgälden).

Riksgälden is guarantor of the European Investment Bank (EIB) loan that facilitated the deal and has given its clearance for the purchase of Saab’s properties in a deal arranged by Antonov.

But the situation remains precarious for the embattled carmaker as Trollhättan production lines remained at a standstill as the EIB seeks further assurances over the property deal and securities for its loans.

“The situation is extremely serious,” said Antonov’s spokesperson in Sweden, Lars Carlström to the Göteborgs-Posten daily.

The newspaper has reported that Saab had sought a crisis meeting wit the Swedish government over the Easter weekend, but the government it is claimed rejected the request.

According to media reports the demands placed by EIB to release further capital under the terms of its loans are so stringent that the the firm is unable to meet them.

It is unclear as to the specific subject matter to be discussed between Bo Lundgren and Antonov on Tuesday.

In an email to the Dagens Nyheter daily, Vladimir Antonov stated that he had not given up hope of saving the firm and that he is set to continue the fight.

“I am a fighter and never give up, a challenge such as this must be won at any cost,” he said.

Saab Autmobile confirmed on Tuesday that talks are scheduled for the day between the firms and the EIB.

“It is going to be a hectic day,” Gunilla Gustavs at Saab told the TT news agency.

Saab’s owner Spyker Cars has previously confirmed in a statement that discussions will be conducted with the EIB in a bid to find a solution to the conditions imposed by the EIB.

Spyker reported that firm continues to search for further finance to solve the cashflow problems which have led to a production standstill for several weeks.

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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.