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SAAB

No resolution for Saab’s cash crisis

Despite rising hopes, Friday saw no resolution to the money problems that have dogged Saab this week. The government called a crisis meeting on Friday but talks ended without a successful conclusion according to spokeswoman Marja Lång.

No resolution for Saab's cash crisis

“We have done what we can and we are making preparations for the weekend. I thought we had a solution, but unfortunately that isn’t the case,” Lång told Swedish business daily Dagens Industri (DI).

She refused to elaborate any further on what the actual plans were that did not did not work out on Friday, but added that more work will continue over the weekend in a bid to find a solution.

The factory has been at a standstill since Wednesday because the car maker has not been able to pay suppliers. Speculation over the week suggested that the government was prepared to relax some of the guarantees that had been insisted upon for the 2 billion kronor ($321 million) loan which has been granted to Saab, although at this stage there is no confirmation according to DI.

Despite the setback, hopes remain that production at the Trollhätten factory will be restarted in the next few days.

“We think that it will be next week” said Saab spokeswoman Gunilla Gustavs.

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CARS

Former Swedish Saab bosses appear in court

Swedish car maker Saab's former CEO Jan Åke Jonsson and the firm's former head lawyer Kristina Geers have appeared in court in Vänersborg in west Sweden, accused of falsifying financial documents shortly before the company went bankrupt in 2011.

Former Swedish Saab bosses appear in court
Saab's former CEO Jan Åke Jonsson. Photo: Karin Olander/TT
The pair are accused of falsifying the paperwork at the height of the Swedish company's financial difficulties at the start of the decade.
 
A third person – who has not been named in the Swedish media – is accused of assisting them by issuing false invoices adding up to a total of 30 million kronor ($3.55m).
 
According to court documents, the charges relate to the firm's business in Ukraine and the paperwork in question was signed just before former CEO Jan Åke Jonsson resigned.
 
Both Jonsson and Saab's former head lawyer Kristina Geers have admitted signing the papers but denied knowledge of the Ukranian firm implicated in the case.
 
All three suspects deny all the charges against them.
 

Saab's former head lawyer Kristina Geers. Photo:  Björn Larsson Rosvall/TT
 
Saab filed for bankruptcy at the end of 2011, after teetering on the edge of collapse for nearly two years.
 
Chief prosecutor Olof Sahlgren told the court in Vänersborg on Wednesday that the alleged crimes took place in March 2011, when Saab was briefly owned by the Dutch company Spyker Cars.
  
It was eventually bought by National Electric Vehicle Sweden (Nevs), a Chinese-owned company after hundreds of staff lost their jobs.
 
The car maker, which is based in west Sweden, has struggled to resolve serious financial difficulties by attracting new investors since the takeover.
 
In October 2014 it announced it had axed 155 workers, close to a third of its workforce.
 
Since 2000, Saab automobile has had no connection with the defence and aeronautics firm with the same name. It only produces one model today, the electric 9-3 Aero Sedan, mainly targeting the Chinese market.