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Saab bonuses upheld despite crisis

TT/The Local/gm · 27 Aug 2011, 09:14

Published: 27 Aug 2011 09:14 GMT+02:00

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Dagens Industri reports that the stricken carmaker paid out some 40 million kronor last year to its mother company Spyker as the the company struggled to stay afloat. However the payments, including chairman Victor Muller’s four million kronor salary were not deemed excessive, the audit concluded.

Meanwhile as the fight for survival goes on, the companies involved in the purchase of Saab’s factories may have the chance to take over the carmaker’s property company for nothing in the case of an eventual bankruptcy, the same paper reveals.

Several companies, including Hemfosa and Paulssonsfären bought shares in Saab’s property portfolio in July, which was seen as a potential lifesaving source of income for the carmaker.

The consortium paid some 230 million kronor for about 50% of the shares. What happens to the shares in the event of Saab’s bankruptcy remains unclear, but one possibility is that the consortium would be able to pick up all the shares for what would amount to a fraction of the current value.

Meanwhile, on a lighter note, bloggers on a site dedicated to Saab enthusiasts and owners have organised a huge party and convoy on October 1st to celebrate the car and the company. Bloggers on saabsunited.com report that interest has been huge in the event which is set to take place in Trollhättan.

Story continues below…

”There are organized convoys from large parts of Europe” blogger Tim Rokka told Radio station P4, with visitors expected from as far away as the U.S and Canada.

TT/The Local/gm (news@thelocal.se)

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Your comments about this article

13:14 August 27, 2011 by countrysidedrive
I don't get it. A bonus for what. No one should get a bonus.
13:16 August 27, 2011 by millionmileman
We SAAB enthusiasts are not going away, nor are we taking it lying down. October 1st will be quite a convoy.
13:47 August 27, 2011 by J Jack
SAAB is just an expensive Chevy .. get over it already & the bonus is disgusting.
14:05 August 27, 2011 by GlobalDispute
There are enthusiasts all over the world of a great many things. That does not however make it a viable product. If you love the product that much then get your frineds together and invest in the company. You should be able to get the whole package for about 200 SEK in the coming weeks.
15:03 August 27, 2011 by conboy
The Unions should sue the asses off them before the asset stripping scumbags steal anymore nice work by maud Olofsson and Reinfeldt again they really had their eye on the ball with this crowd. At this rate they would have been better off getting in some Irish pikies to run the bloody thing into the ground. A Government for muppets run by muppets!
15:55 August 27, 2011 by Svensksmith
Bonuses? How disgusting! The managers are stripping the carcass and leaving only the bones.
17:37 August 27, 2011 by repat_xpat
These bonuses are a wise move. They will do little or nothing to the over all bottom line for SAAB, but they will help moral. The company needs to keep its employees and stock holders if it is to survive.
20:44 August 27, 2011 by spy
I am not worried about the sum of the money as I am sure this is in line with other companies however the timing stinks. When these payments were ratified Swedish Automobile must have known that they were running out of cash. And to run out of cash in a company of any size is THE cardinal sin. I am sure that reports such as these hit the nerves of Victor Muller and rightly so.
20:59 August 27, 2011 by GlobalDispute
V.M. knew all about it. He also got his. You know make sure you get your slice before the ship goes down. All that still think V.M. is a knight in shining armour are fools!
21:31 August 27, 2011 by jack sprat
Greedy vultures stripping the remains of the carcase.

No surprise,it was obvious there was no hope once Spyker and the Ruskies got involved.


I would suggest that a funeral procession followed by a wake would be more appropriate than a party.
14:52 August 28, 2011 by tomas R

I think that SAAB automobile will rise like the Phoenix from the ashes. It is only the question of time. If I would have much money I could give the big part of them to SAAB. I like this company. I am driving SAAB 9000'95 for five years. It is really good car! And SAAB JAS-39 GRIPEN it is the swedish miracle!

The most important thing now is that SAAB workers could have their jobs and could keep their families!

Best regards to all SAAB enthusiasts and workers! I hope that all will be OK!

tomas (Lithuania)
21:33 August 28, 2011 by orlandoswede
Certain things in life are meant to be, and SAAB will never go under!
19:51 August 31, 2011 by Just_Kidding
When Germans captured France during WWII, not only they looted everything in their banks,museums, and factories, but also they charged French a "occupation costs" (about 7 billion marks/year, according to William Shirer, the rise and fall of the third reich). Apparently Spyker is treating SAAB in the same manner.
17:16 September 2, 2011 by spy

Be prepared, if you reference the second war the Swedes feel guilty for their collaboration with the Germans and then they start getting all defensive.
04:00 September 3, 2011 by repat_xpat
You are partially correct spy, some Swedes feel guilty, many deny, many agree with the WWII actions by Sweden. The Swedish people are not so pure.
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