• Sweden's news in English

Russian businessman finances Saab deal

TT/The Local · 18 Feb 2010, 14:59

Published: 18 Feb 2010 14:59 GMT+01:00

Facebook Twitter Google+ reddit

The claim refers to the first $25 million instalment due to General Motors. According to Antonov, Spyker shareholders, GM and the Swedish government are all aware of the source of the money.

"The first payment has been made available by our banks," Antonov told Bloomberg by phone.

Spyker's CEO Victor Muller has on several occasions refused to reveal the identity of the lender. He has stated that it is his own firm Tenaci which has backed the instalment by loaning the money.

Vladimir Antonov is Spyker's largest shareholder with almost 30 percent of the shares and his banking arm Convers Group has provided major loans to the debt-ridden sports-car maker.

Muller has agreed to acquire Antonov's shareholding and settle outstanding debts to the Russian's banks through his company Tenaci. GM is reported to have made this demand as a condition of the sale of Saab to Spyker.

Vladimir Antonov told Bloomberg that he could not understand GM's thinking. He has launched a self-appointed investigation to clear himself of any suspicion over links to the criminal underworld.

Story continues below…

Spyker is due to pay a total of $74 million for Saab with the final instalment due by July 15th.

TT/The Local (news@thelocal.se)

Facebook Twitter Google+ reddit

Your comments about this article

18:10 February 18, 2010 by spy
And the point to the story is????
19:06 February 18, 2010 by jack sprat
The point is much as I predicted, that havng been informed or misinformed that this guy had withdrawn his interest and was not involved,GM and the Swedish govt then somewhat reluctantly signed on the dotted line.

He was the main stumbling block to a deal due to their obvious suspicions of both the companies and Antanovs true intentions.

Now the ink is hardly dry on the paper, and its an about turn, and not hard to see in what direction.

Having gone back on their word with this move, I wonder what, if any, value can be placed on their assurances to Sweden and its workforce.

Spyker was already a destitute and broken company, in a worse state by far than than Saab.

However Santa has arrived early for Anatov and Spyker in the form of the Swedish taxpayer.

I would be happy to be proved entirely wrong,but I fear very much for Saab, in relation to its Swedish future at any rate.
20:33 February 18, 2010 by Scotsaab
I may not appear to be the financing ideal that some would have wanted, but international business is like this. One only has to look at the US oil industry and financial markets to see unsavouryness in respect of certain individuals when it comes to financing global name companies. Indeed some of them are behind bars.

And it's not just the US, it's a worldwide phenomenon - just look at what happened at Rover.

It's niaive to expect deals like this will be to the letter of the law that most ordinary people expect - big business is just not like that. Losses here can be easily misrepresented there - strange but true.

I carry no torch for any of these business moguls, but what I earnestly hope and believe is that the Spyker deal will create a viable Saab who will build cars many people will want to drive.
23:48 February 18, 2010 by senthil v
what happened to rover Scott? are you talking about land rover jaguar take over by the Tata's. whats shady about them?
02:06 February 19, 2010 by Scotsaab

MG Rover - check its demise history and the controversay that followed.
09:03 February 19, 2010 by spy
jack sprat

1) You are speculating wildly

2) Antonov has no proven links with the mafia and no criminal conviction of any kind and that is a fact

3) The Swedish govt and GM were reported as being fully in the picture as to how Muller got this particular PERSONAL loan and let's not forget it was from a bank and not an individual

4) Antonov and Comers will have no direct ownership or voting rights in Saab and this loan is for a trifling amount when talking about a billion dollar car company

5) This is a pretty pointless story - who cares if a Russian bank has lent some money to a Dutch guy????

6) And lastly, and based on experience, I don't believe you when you say 'I would be happy to be proved entirely wrong' - you never have been in the past
Today's headlines
Injured Swedish photographer protected by 'guardian angel'
Swedish photographer Paul Hansen on another occasion. Photo: Fredrik Sandberg/TT

Photographer Paul Hansen thanked his lucky stars for surviving sniper fire while covering the battle for the Isis-held city of Mosul in Iraq.

How Sweden is trying to smooth relations with Saudis
Swedish Prime Minister Stefan Löfven meeting Saudi Arabia's Trade Minister Majid bin Abdullah Al Qasabi. Photo: Henrik Montgomery/TT

Sweden's Prime Minister Stefan Löfven has visited Saudi Arabia a year and a half after relations turned frosty in a major diplomatic row.

My Swedish Career
'Swedish people love it, but they find it quite odd'
Scottish entrepreneur William Macdonald. Photo: Michael Campanella

Meet the web developer and entrepreneur using traditional Scottish ceilidh dancing to break the ice with Swedes.

Swedish photographer shot near Mosul
Hansen was being operated on in the Iraqi city of Erbil on Sunday. Photo: Nora Lorek/ TT

Paul Hansen, a photographer working for Swedish daily Dagens Nyheter, has sustained light injuries after being hit by what appears to be a sniper while covering the battle for the Isis-held city of Mosul in Iraq.

Trollhättan remembers school attack victims
'It was an attack on all of Sweden,' Education Minister Gustav Fridolin said. Photo: Thomas Johansson/ TT

Hundreds of people on Saturday turned out for a torchlight procession in the small town of Trollhättan in southwestern Sweden to honour the victims of last year’s deadly school attack there.

Sweden wants emission- free cars in EU by 2030
Photo: Jessica Gow/ TT

Sweden's environment minister on Saturday urged the European Union to ban petrol and diesel-powered vehicles from 2030.

Hundreds protest Swedish asylum laws
Around 1,000 people protested in Stockholm. Photo: Fredrik Persson/ TT

Hundreds of people on Saturday demonstrated in Stockholm and in many other parts of the country to protest Sweden’s tough new laws on asylum-seekers.

Swedish terror suspect ‘planned airport attack’
Swedish terror suspect Osama Krayem. Photo: Facebook

Swedish national Osama Krayem, linked to the deadly attacks in Paris on November 13 and in Brussels on March 22, is now suspected of having plotted to attack also the Schiphol airport in the Netherlands.

Dylan removes Nobel-mention from website
The American musician has more or less responded to the news with silence. Photo: Per Wahlberg

American singer-song writer Bob Dylan has removed any mention of him being named one of this year’s Nobel Prize laureates on his official website.

Refugee crisis
Asylum requests in Sweden down by 70 percent
Sweden's migration minister Morgan Johansson. Photo: Christine Olsson/TT

Sweden received 70 percent fewer requests for asylum in the period between January and September 2016 than it did during the same time last year, the country’s justice and migration minister Morgan Johansson has revealed.

Sponsored Article
This is Malmö: Football capital of Sweden
People-watching: October 21st-23rd
Sponsored Article
Where is the Swedish music industry heading?
Fury at plans that 'threaten the IB's survival' in Sweden
Here's where it could snow in central Sweden this weekend
Blog updates

6 October

10 useful hjälpverb (The Swedish Teacher) »

"Hej! I think the so-called “hjalpverb” (auxiliary verbs in English) are a good way to get…" READ »


8 July

Editor’s blog, July 8th (The Local Sweden) »

"Hej readers, It has, as always, been a bizarre, serious and hilarious week in Sweden. You…" READ »

Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
Analysis & Opinion
Are we just going to let half the country die?
Sponsored Article
Stockholm: creating solutions to global challenges
Angry elk chases Swede up a lamp post
The Local Voices
'Alienation in Sweden feels better: I find myself a stranger among scores of aliens'
People-watching: October 20th
Sponsored Article
Swedish for programmers: 'It changed my life'
The Local Voices
A layover at Qatar airport brought this Swedish-Kenyan couple together - now they're heading for marriage
Sponsored Article
Top 7 tips to help you learn Swedish
Swede punches clown that scared his grandmother
Fans throw flares and enter pitch in Swedish football riot
Sponsored Article
‘Extremism can't be defeated on the battlefield alone’
Could Swedish blood test solve 'Making a Murderer'?
Sponsored Article
Stockholm: creating solutions to global challenges
Property of the week: Linnéstaden, Gothenburg
Swedish school to build gender neutral changing room
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
People-watching: October 14th-16th
Sponsored Article
Where is the Swedish music industry heading?
Man in Sweden assaulted by clowns with broken bottle
Sponsored Article
Last chance to vote absentee in the US elections
Nobel Prize 2016: Literature
Watch the man who discovered Bob Dylan react to his Nobel Prize win
Record numbers emigrating from Sweden
People-watching: October 12th
The Local Voices
'Swedish startups should embrace newcomers' talents - there's nothing to fear'
How far right are the Sweden Democrats?
Property of the week: Triangeln, Malmö
Sweden unveils Europe's first elk hut
People-watching: October 7th-9th
The Local Voices
Syria's White Helmets: The Nobel Peace Prize would have meant a lot, but pulling a child from rubble is the greatest reward
Missing rune stone turns up in Sweden
jobs available