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Saab backer Antonov to open Swedish bank

The Local · 24 Mar 2011, 14:21

Published: 24 Mar 2011 14:21 GMT+01:00

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As Antonov seeks to establish a balance between low-risk and high-risk markets, his Latvian bank Latvijas Krajbanka is preparing to open for business in Stockholm.

“Sweden is a low-risk market compared to Russia and the Baltics, and I’m convinced that we have major possibilities in Sweden,” he told Dagens Industri.

Antonov has sold his stake in Russia’s Investbank, enabling assets held in his Convers Group to rise in value to 44 billion kronor ($6.96 billion), 4.5 billion kronor of which is his own capital, the newspaper reports.

Antonov was forced out as a major owner in Spyker Cars in order for its acquisition of Saab to go through amid allegations of money laundering and organised crime. In reality, he lent most of the roughly $100 million to Saab board chair Victor Muller's company – money which was used in part to purchase Saab and in part to resolve Antonov's ownership stake in Spyker.

Antonov told Dagens Industri he hoped to team up with partners to invest 3.5 billion kronor in Saab. He also still harbours hopes that Saab could open a production facility in Russia.

Story continues below…

Earlier this month, he stated that he still wanted to put pressure on the European Investment Bank to let him be a financier of Saab, which he claimed the bank was not prepared to do.

He has already agreed to buy Spyker Car's heavily-indebted sports car operations, and has also expressed his interest in owning Saab.

The Local (news@thelocal.se)

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Your comments about this article

16:18 March 24, 2011 by Nemesis
That bank should be interesting to audit.

I await the first years financial statement for interesting and bizzarre reading.
00:43 March 25, 2011 by Kr0n
SAAB purchased with stolen money?


OR, translated by Google:

07:50 March 25, 2011 by karex
Sounds like it would be wise for the Swedish authorities to make sure they identify the source of the wealth before allowing the bank to open. You never know, it could all be legitimate. On the other hand it could just as easily not be.
13:32 March 25, 2011 by gururedbull
@ karex:

1. Money is never legitimate (watch Zeitgeist).

2. Could it be worse than money gained from war profits?? (i.e. selling war planes)


everyone's interesting to audit. including you and me and the royal families. everyone has skeletons. and just because you can make a story 'stick' at the audit doesn't mean it's the truth.
17:00 March 25, 2011 by karex
Oh my gururedbull, sound like life has created a cynical streak in you. I'm not surprised, it is a real challenge for anyone not to turn cynical nowadays...

Nothing is black or white in this life. The best that we can do is try to follow a middle ground and when facing decisions, try to apply as much common sense and fairplay as we can.
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