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Saab investors line up new meeting – reports

Employees at beleaguered car maker Saab are cautiously optimistic after receiving their salaries for July this week and the news that further talks with Pang Da could take place over the weekend.

Saab investors line up new meeting - reports

The Chinese firm raised the cash with a new emission of some five million shares, according to Expressen, but in the longer term, unions are hoping to see more concrete survival plans.

Although the company’s long term viability remains under scrutiny the news that the salaries could be paid last month at least was a relief. “No one wants this to happen again,” said press spokesperson Gunilla Gustavs.

“We want to see a plan of action for Saab Automobile can survive in the short term,” said union General Counsel Martin Wästfelt in a statement.

With many workers due to return after the summer break next week, the rumours that Pang Da executives are on their way to Sweden for a further meeting gives more cause for optimism. One report suggests that CEO Pang Qinghua is in Europe already, and is planning to go to Trollhättan for a meeting next week, while others say that meeting could take place as early as this weekend.

Meanwhile at the plant, production levels are still low as the company gears up for the order from Pang Da of more than 1900 cars from Saab worth over SEK 400 million.

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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.