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No news from Saab as worker discontent mounts

Five days after Saab employees learned they wouldn't receive their salaries for July, the troubled Swedish automaker has yet to update workers about the situation as union members take steps to force the company into bankruptcy.

No news from Saab as worker discontent mounts

“There is a steady stream and, by my estimates, we’ve received support from 500 members,” Pernilla Laurin from labour group Unionen told the TT news agency.

“Most of them still have hope, but many say the Saab-spirit is gone.”

Last Thursday, the European Investment Bank (EIB) announced that the loan it granted to Saab’s research and development programme in 2009 was given on the condition that Russian businessman Vladimir Antonov not take an ownership stake in the company.

But on Monday the EIB clarified that the question of Saab’s future is very much alive and that a great deal of effort is ongoing to save the cash-strapped Swedish automaker.

“The EIB continues its work to find a solution for Saab which will be accepted by all parties and which was paves the way for new investors in Saab,” EIB spokersperson Pär Isaksson told TT, adding that officials from Saab and the Swedish government are also participating in efforts to save Saab.

While Isaksson declined to name any specific investors, he said that there are “several” who are ready to invest.

A solution which would be welcomed by the EIB according too Isaksson would be if Saab paid back its EIB loan, which would then alter the conditions for who could take an ownership stake in the company.

However, Isaksson was unable on Monday to provide any details about when the EIB would be able to provide any information about a potential solution, saying only that Saab has submitted a number of suggested changes which are currently under review.

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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.