Berlin, Magna, Sberbank: We Want Our Money Back!

Bertel Schmitt
by Bertel Schmitt

Magna and Sberbank want their money back. Everything they had so far invested into Opel needs to come back from GM, says Das Autohaus in Germany.” We are in negotiations with GM and we hope that we don’t have to go to court “, said Sberbank boss German Gref. “If all else fails, we’ll defend our position in a court of law.“ Gref did not name any sums. Magna also wants their money back. Magna’s Siegfried Wolf said “it is a considerable sum.”

The German government also wants to have their loan back before it will entertain any further discussions. The loan is due by end of November.

Bertel Schmitt
Bertel Schmitt

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=""> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href=""> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.

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  • Sinistermisterman Sinistermisterman on Nov 10, 2009

    The German government will get their money back one way or another. Do you honestly think they'll accept a cheap ass failure of a company like GM ripping them off? No way. It'd make the German government look like a failure to the voters. If GM act funny in paying back money in any way, expect the Germans to step in and take 'what is owed' - with interest.

  • Steven02 Steven02 on Nov 10, 2009

    GM has stated that they will pay the money back to Germany, but what did Magna and Sberbank invest? The deal did fall through, but I was unaware that they (Magna and Sberbank) had given any money to GM.

  • Srynerson Srynerson on Nov 10, 2009

    I thought they forfeited the money back guaranty by accepting a $500 discount when they originally agreed to buy it?

  • El Cheapo El Cheapo on Nov 10, 2009's only money... especially when it's other peoples' money. At the risk of sounding like a conspiracy theorist, this simply cannot be the result of stupidity. With such intelligent, accomplished people on the GM Board in this current incarnation, one has to wonder: 1) who's money is being laundered? or 2) who is the cash being funneled to?

    • Steven02 Steven02 on Nov 11, 2009

      Looks like a conspiracy theorist to me. Why the accusation of laundering?