By on December 10, 2011


Actually, we shouldn’t even mention Saab before the court in Vänersborg renders its verdict on Dec 16. The court will decide whether it follows the suggestion of the court appointed administrator Guy Lofalk to lift the creditors protection on Saab.  But it’s a slow newsday, and Saab is always good for a story.  No, we don’t mean the €3,322,993.13 allegedly transferred by Youngman. No, we are not referring to the latest round of hamfisted censorship at Saab’s enthusiast site. We are talking about a story that is making the rounds on websites that specialize on the activities of the Russian mob. They insist that Saab’s darling Antonov “has been involved in a number of financial scams before.” The mobster tracking site Rumafia says:

A few years ago Antonov moved almost all Snoras’ liquid assets, $400-500 million worth, to foreign accounts. He disguised the fraud under a series of loans which the bank allocated to front companies with no real asset backing.”

Hmmm. No real asset backing?

The same site also alleges that the money to buy Saab from GM came trough dubious channels under hair-raising circumstances. Let’s join the story right after Antonov’s father was gunned down in Moscow:

“Alexander Antonov who received five bullets, remained the invalid. They were not going to come back to Russia any more, therefore they asked the chairman of board of “Investbank” Maxim Skachko and his assistant Igor Dubina to transfer abroad $400 million. Money transaction was carried out under the pretext of delivery of credits to various structures and without approval of board of directors of the bank. According to the Ministry of Internal Affairs of the Russian Federation, $200 million from this sum went on acquisition of motorcar giant Saab. Officially firm Spykers Cars became its buyer, 30 which % of actions belong to Antonovym.”

We don’t know whether these stories are true, but they are out there. Follow the links above, or peruse Google for a healthy dose of crime stories. We only quoted the tamer stuff to keep it SFW in case you are working over the weekend.

Now for the €3.3 million. Saabsunited today proudly presents a scan of a wire transfer instruction, in which Youngman tells its bank to wire €3,322,993.13 to Swedish Automobile Coöperatief  in Zeewolde, The Netherlands, via the Rabobank, SWIFT RABONL2U. The Coöperatief is the Special Purpose Vehicle that had been set up in September to put the unfinished  PhoeniX platform in hock. Back when, we wrote:

“Judging from the oblique language of the press release, this whole sale and licensing business is nothing else than a security for a loan that will probably be coming from Youngman.“

Administrator Guy Lofalk is taking the same position and reported to the court in Vänersborg that

Saab Automobile AB incurred new obligations during the reorganization, in violation of the instructions given and the provisions of Chapter 2, § 15 Act on corporate restructuring.”

That’s a big no-no under Swedish law. Can’t be protected from creditors and pile on new debt. Saabsunited quickly defends the accused:

This payment is part of a technology purchase made by Youngman Automotive Group from Saab Automobile which should help to pay salaries for the month of November. This technology purchase contract singled back in september. Of course this money is not enough to pay the complete salaries once it arrives at Saab’s accounts but it is one step on the way.”

How an innocent enthusiast website comes into possession of a wire transfer copy which usually is sent from accountant to accountant only to show that the funds are on their way remained anybody’s guess – - – until  Saabsunited Chief TimR proudly wrote:

 “It was sent from Martyn Shilte, CEO Spyker China to Guy Lofalk with a cc to people such as Rachel Pang and Kristian Geers at 10:30 on the 9th of december. I have seen the original e-mail with the original attachment!”

Consider TTAC in awe. We have never been on the CC: when wire transfers between international auto giants were confirmed. A superb piece of investigative reporting.

Sending the document to Guy Lofalk however was not smart. On the same day, Guy Lofalk asked the court to throw the book at Saab. With that, we’ll bid adieu from Saab until Dec. 16 (unless something interesting pops up).

PS: Advice from someone who routinely sends and receives bank wires in China: The wire instruction is worthless. You want to see the actual confirmation by the bank that the money was actually sent. As exhaustively discussed here, transferring money from China requires a certain amount of really red tape and extra documentation.

PPS: Due to the untimely passing of the page in question, we provide a link to the original document for the convenience of our readers. (Just in case the picture will be completely exorcised from SU’s computer, hat tip to Gruhm.) According to the metadata, the scan was taken retouched on 12/10/2011 at 10:24 AM with Photoshop CS4 Macintosh.  As for the original webpage,  unless a reader has a copy, it’s gone. Even the Waybackmachine has given up on Saab  - -  last picture taken on July 15th 2011. Before, the archiving robot visited The Church Of The True Saab twice monthly. Advice from a dinosaur automotive propaganda operative: Crisis PR is a subtle art which is better left in the hands of trained professionals.

PPPS: I appears as if TTAC has picked up a good number of former (disappointed? disillusioned? shunned? banned?) Saabsunited readers. Make yourself at home.

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19 Comments on “Our Daily Saab: Lurid Crime Stories And An Unwelcome Bank Wire...”


  • avatar
    saabista63

    One is tempted to state that it’s good to have Mr. Schmitt’s focus back on SAAB – always a good read, but recommendably not after midnight, as it can get scary.

    As you say, December 16 is the day of truth, on which all bank wire transfer copies and crime stories will have served their purpose: to entertain the crowd, while things get done – or undone. By then, it’ll be clear whether it is SAAB or no SAAB. After the many months of uncertainty, we all want to know.
    In the meantime, crime stories of the tamer kind are out there. Enjoy!

  • avatar
    MrWhopee

    €3,322,993.13 is no chump change by any standard of the world, I wonder why anyone would give that kind of amount to Saab, given that Saab main asset that is on offer (it’s IP) is not sellable. It however is probably just drop in the ocean in terms of saving Saab, which kind of illustrates the dire situation of Saab…

  • avatar
    Its_Magic

    Wednesday: Guy Lofalk ask the court to stop the reorganization
    Friday: 3.3 million euro is (allegedly) tranferred to Swedish Automobile Coöperatief u.a.

    The owner of Saab Automobile AB is called: Swedish Automobile NV.

    Swedish Automobile Coöperatief u.a. is a different company. The all-knowing Tim Rokka f#cks up. Again.

  • avatar

    “Greetings, professor Falken. What about a nice game of chess?” Remember the movie?* The money transfer underlines the importance that has been given by the Chinese. Sort of ‘proves’ that they are serious about their takeover attempt. Triggered by Lofalk’s request to end the restructuring. As far as GM, they did the right thing. “The only winning move is NOT to play”.

    * Wargames (1984)

  • avatar
    jeff_vader

    The Church of The One True Saab is falling to pieces today.

    That dodgy document really has not gone down to well on there. A lot of posters are questioning both the validity of the document and the reason why it is has been posted. If you look carefully at it, the date has quite clearly been deliberatly smudged for example. And of course, as quoted above, anyone who strays from the path of The Chosen One is being slapped down and threatened with the big bad banning stick. The inference that Lofalk asked for Re-Organisation to be ended after he knew Saab/SWAN/Swedish Automobile Coöperatief u.a. had recieved funding just out of spite is really not flying. So it looks to me like the true believers maybe begining to see the truth at last; that SaabsUnited is basically a mouth piece for Muller and as it gets close to the end they are becoming more and more paranoid & deluded, especially ‘Jeff’ & TimR.

  • avatar
    binkje

    TimR removed the article and all the comments. Guess someone was starting to feel uncomfortable.. Page not found :-) nice cover up
    http://www.saabsunited.com/2011/12/breaking-news-33-million-euro-received-by-swan.html

    • 0 avatar
      dejal1

      Might be able to get away with it, it being the weekend and all. If you didn’t see it, you may never know it existed. Should have retained the names of the non-believers. May never see them again. The sycophants who also posted on that page probably agree that is “good for the body”. The faithful shouldn’t be subjected to apostates.

      What’s next , photos of VM + VA with VA photoshopped out?

      http://acepilots.com/mt/

      After I posted the above, TimR posts a reason why the page was pulled. You’ve got to be kidding.

      VM must have bought SaabsUnited a lifetime supply of Chapstick for the amount of butt kissing they do.
      I guess there’s nothing wrong with posts like “FUGM”, “Guy LoF*ck”. Perfectly reasonable.
      Too bad TimR wasn’t a TimA (A for Allen). The church could have been called “ToolTime.Com”

      • 0 avatar
        binkje

        Omg this guy is so pathetic, its too funny.
        http://www.saabsunited.com/2011/12/due-to-the-escalated-situation.html

        • 0 avatar
          jeff_vader

          Snap!

          Great minds think alike binkje!

          • 0 avatar
            binkje

            You almost start to feel for the guys. What an amazing demonstration of amateurism. Of course the topics on Guy Lofalk are still up and running so they can at least continue their blame game. No mentioning of the 3.3m anymore, i wonder why… Because in all his ignorance TimR tried to get VM off the hook but the result was that he provided evidence that the administrator was right. Took him a while to find out, but it seems that he has found the delete button!

      • 0 avatar
        jeff_vader

        That has to be the funniest thing I’ve seen on the internet in weeks. Please tell me that someone either chaced that page or took a copy of the invoice.

        The Church Of The One True Saab has now basically shut down all of the political pages and the posting of comments due to the majority of the readership becoming Doubting Sven’s & not towing Uncle Victors party line any longer.

        http://www.saabsunited.com/2011/12/due-to-the-escalated-situation.html

        Because lets face it at this time everyone who owns a Saab either wants to talk about brake discs or pictures of cars that will never exist. Way to go, Jeff & TimR, why don’t you destroy your user base.

        Classic.

        • 0 avatar
          Gruhm

          I had to see this for myself. TimR forgot to take down the (photographed, not scanned) invoice. It’s still on the SU site (a 5MB file!) at
          http://www.saabsunited.com/wp-content/uploads/Payment-confirmation.jpg

          ROFL! Amateurs.

        • 0 avatar
          mulled whine

          A real shame they deleted all the juicy Victor v Guy slangfest and decided to concentrate on more articles about brake discs that by there own admittance, no one reads!

          It’s become a fascinating read, a real live whodunit, with more twists than a pretzel. Reading the comments over there lately as posters pondered each snippet and tried to predict the next move was, I have to say, gripping stuff.

          They should be careful what the wish for ; after Wednesday, they could in all likelihood only have aftermarket brake discs to write about, to, no doubt, a greatly diminished audience.

          I’m eagerly looking forward to hearing about what the full story of the SPV the IP, and the 3.3m eur seemingly outside saabs clutches. Lofalks court filing is more interesting for what it didn’t say, as much as what it said.

          I’d love to know the full story behind north street capital. Why did they make that insane share purchase offer (that spyker didn’t in the end consummate)? Why is their website now down? What is that managing character now up to?

          Somebody needs to write a book when this is said and done.

          • 0 avatar
            deep64

            You can still see parts of the comments to the article they removed. If you go to the web page and choose Activity in the menu it will be possible to find them by scrolling down the page. An other option is to click on user-names to see a history of that users comments.

  • avatar
    tparkit

    Sounds about right.

    Still true:

    http://www.thetruthaboutcars.com/2011/12/our-daily-saab-banking-on-a-chinese-bank-not-bank-of-china/#comment-1816705

    The laundry is open for business.

  • avatar
    daveainchina

    Wolf I say.. there is a wolf here!!!

  • avatar
    binkje

    Oh yes, it seems that they have now removed all history on the more sensitive topics. Wow!


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