Saab's Supposed Savior Antonov Debanked
Vladimir Antonov, the Russian “financier” who was feted by the acolytes of the zombie Saab as the second (after Victor Muller) coming of the dear Jesus, had his bank taken away from him.
More than $392 million of assets of Antonov-controlled Snoras Bank may be unaccounted for, central bank Governor Vitas Vasiliauskas told Bloomberg. Snoras’s operations were halted, and a state administrator was appointed by the Lithuanian government after the bank ignored recommendations to reduce its credit risk.
As a precautionary measure, government and bank traded accusations of felonious conduct. Reports Reuters:
“The government and central bank said they had found a risk of insolvency and possible criminality. The bank meanwhile has accused the government of ‘robbery’.”
Just to be sure, Swedish Radio mentions that “Antonov lent a large sum to Victor Muller which allowed Spyker to buy Saab.”
For the record, Bloomberg mentions that Antonov was barred from investing in Saab by the European Investment Bank. Bloomberg also finds it necessary to mention that:
“The U.K.’s Financial Services Authority denied Snoras permission to operate in Britain because the bank’s executives withheld information, calling the tactic “an ongoing pattern of behavior by institutions controlled by Mr. Antonov” in a February 2009 statement.”
Speaking of banks and supposed saviors, money in China is getting tight. Taiwan’s China Times reports that Volvo buyer Geely has problems servicing the debt incurred during the highly leveraged buyout:
“Geely has reportedly started to contact private domestic and overseas equity funds, such as Carlyle and TPG, for fresh funding, in order to repay Goldman Sachs for high-yield bonds. Most of these private equity funds are cautious about the request, due to their concern over Geely’s ability to repay.”
The sudden tightness of funds does not bode well for a last ditch resuscitation of Saab.
The financial constrictions find Antonov’s former fanzine unimpressed. Here, the arrival of 1:43 Saab scale models makes headlines. Correction: The Saabinistas woke up to the story, and fondly remember that “SNORAS was a big sponsor for the SaabsUnited Historic Rally Team last year.”
Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href="http://www.tomokoandbertel.com"> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href="http://www.offshoresuperseries.com"> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.
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Nice snipe at the end. The last time I checked, SaabsUnited was an enthusiast website free to post whatever they feel like just as TTAC is free to dig up and report all the dirt on Saab it cares too (unless it's libelous). It's not like they're a website that purports to be all knowing of the truth and post a picture of Victor Muller under a headline about someone else.
I could say a lot, but I won't. I only say this: Any attempt to silence TTAC will fail. There have been many attempts. We are still around.