A TTAC tipster sent us a Teknikens Värld interview with Saab’s long-suffering would-be rescuer, Victor Muller, in which the eternal Saabtimist seems ready to admit defeat. In essence, he admits that GM is unlikely to ever approve a plan involving Chinese firms, that the Chinese firms are throwing “money into a black hole” and that all the previous plans are off the table. Of course, Muller does seem to think that some kind of rescue may yet be possible, but he admits
If I doze off Saab would disappear in an instant
If Muller is losing faith, and doesn’t even have a hairbrained scenario to hype, it seems that the end may well be near. But then, the whole rescue of Saab is beginning to be eclipsed by questions about Muller’s erstwhile partner, Vladimir Antonov, who was recently bailed out of British jail, where he was being held on charges of embezzlement and document forgery. But first, to the Muller interview…
If GM needed another reason to let Saab die on the vine, it just arrived: Vladimir Antonov, the Russian banking scion, longtime partner with Victor Muller in Spyker, and erstwhile Saab rescuer is wanted in connection with what the UK Press Association [via Google] calls
a pre-trial investigation into an alleged fraud and money laundering case that is threatening to destroy two Baltic banks.
Bertel noted earlier that Snoras, one of Antonov’s banks, had been forced to halt operations, but the issuing of a Europe-wide arrest warrant for Antonov is an even bigger black mark on the Russian financier. And it adds to an already-impressive family resume: Antonov’s father Alexander was shot seven times in a 2009 assassination attempt that has been connected to a Chechen blood feud, and the family has been accused of ties to organized crime by the FBI and Swedish authorities.
As the Saab/Spyker/Swedish Automobile mess falls deeper into chaos and hopelessness, Saab’s erstwhile knight-in-shining-armour, Vladimir Antonov has been slowly backing away from the ugly scene. Indeed, his firm CPP Holdings was supposed to buy Swedish Automobile’s Spyker Supercar division, but that deal has been on hold while Swedish Automobile concentrates on keeping Saab alive. And though the Birmingham Post reports that CPP still plans on buying Spyker eventually, it’s clear that having washed his hands of the Saab situation, Antonov is looking elsewhere in order to secure a Victor Muller-free future. But could Britain really offer a loaded young Russian an appealing sportscar brand to sink his hard-earned (or not, whatever) cash into? Anyone know what TVR is up to? Actually, it seems Antonov has gone one better than TVR, and has secured the right to make an “all-new” Jensen Interceptor from the ex-Jaguar plant at Browns Lane, Coventry. Does it get any more wealthy-Russian-trying-to-make-his-mark-on-the-British-sportscar-scene than that? According to Autocar, the new Interceptor will feature aluminum chassis and bodywork, with an attendant “ultra-exclusive” pricetag, and will be shown sometime next year ahead of a 2014 rollout. Because, oligarch.
SvD.se reports that would-be Saab rescuer Vladimir Antonov is considering legal action against the European Investment Bank and the Swedish Government, for keeping him out of an ownership stake at the failing Swedish automaker. Says Antonov
I have therefore decided to investigate the possibility of taking legal action, including but not limited to claims for damages, which may be of interest to various parties, including myself, the EIB, some officials at the EIB, the Swedish government and some government officials personally. By denying SWAN (Swedish Automobile) and Saab Automobile access to the funding that I offer, what these companies want and still desperately want, both the Bank and the Swedish government acted against all involved parties concerned, particularly against Saab and SWAN’s employees , suppliers, traders, lenders and shareholders
Antonov is reportedly investigating whether he can sue individual ministers of the Swedish government, while the ministers in question angrily deny that they are working against the interests of the Swedish auto industry. Meanwhile, far from calling for the overthrow of the government, the Swedish press is investigating Saab’s outlays for “management services” in recent years, and has found that CEO Victor Muller may be siphoning cash off to the tax haven of Curacao. (Read More…)
Almost two months ago, Saab was able to restart production after Gemini Investment Fund extended a €30m six-month convertible loan to the struggling Swedish automaker. Now, after another shutdown, it seems that Gemini has once again ridden to Saab’s rescue, as the company announces another six-month convertible loan from Gemini.
Swedish Automobile N.V. (SWAN) announces that it entered into a EUR 25 million convertible bridge loan agreement with Gemini Investment Fund Limited (Gemini), thereby securing additional short-term funding.
SWAN entered into a EUR 25 million convertible bridge loan agreement with Gemini with a 6 months maturity. The interest rate of the loan is 10% per annum and the conversion price is EUR 1.38 per share (the volume weighted average price over the past 10 trading days). SWAN may at any time during the loan’s term redeem it without penalty and it intends to do so once the funding from Pang Da and Youngman is received, in which case no dilution as a result of this bridge loan will occur.
Attention Chinese, Swedish and European Investment Bank regulators: you’d better cut through that red tape and approve the Pang Da and Youngman investments post-haste, or Saab will be back in the drink when these short-term loans mature. After all, hasn’t Valdimir Antonov been waiting for approval to buy into Saab since.. oh, 2009?
Strap on the man-pants, Saab fans, because there’s another heaping load of bad news for the Swedish brand this morning. First off, Saab’s mysterious Russian backer Vladimir Antonov has backed out of a deal in which he was to buy property at Saab’s Trollhättan plant and lease it back to the company, stabilizing its short-term cash position. Automotive News [sub] quotes an Antonov rep as saying
The property sale is now being discussed with external investors
Apparently the Swedish real estate investor Hemfosa has stepped into the breach and sources say a deal could happen quickly. Antonov’s man added that his boss was still interested in securing a shareholding in Saab, a move that has been awaiting approval by the European Investment Bank for some time now. But despite Antonov’s insistence that he’s not going anywhere, the real estate deal pullout is troubling. After all, if Antonov were really the Saab zealot he claims to be, willing to support and revamp the brand at any cost, wouldn’t he want to own the Trollhättan plant? Wouldn’t he want deed to the factory in case Saab, as it exists now, goes into bankruptcy? This is the first indication that Antonov is treating his Saab involvement as an investment rather than a crusade, which is frankly a bad sign for what’s left of the Swedish brand. On the other hand, with Chinese firms chopping up Saab, what’s a businessman to do?
Where to start with Saab-Spyker CEO Victor Muller’s plans for world domination? Why not with the craziest part? Despite declining sales, the boutique supercar arm of Saab-Spyker claims to be developing a “Super Sport Utility Vehicle” in the mold of the D12 Peking-To-Paris showcar. Autoinformatief.com caused quite a stir when it revealed images of both a clay model and a test mule for this allegedly production-bound (yes, again) piece of madness. Moreover, news that Spyker won’t be invited to use Audi engines in forthcoming models caused at least one popular car blog to run the headline “Spyker’s New Ferrari-Powered SUV.” Because apparently Spyker can’t decide if it wants to use an AMG engine or a “supercharged Ferrari V8.” Does this give you a taste of just how goofy things have become ’round Saab-Spyker way? Well, it gets worse.