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SAAB BANKRUPT

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Youngman makes new Saab offer: owner

Chinese company Youngman has made a new offer for Saab to the administrators for the bankrupt Swedish car-maker, confirmed the founder and owner of the Youngman concern Pang Qingnian to Swedish daily Svenska Dagbladet (SvD).

Youngman makes new Saab offer: owner

He also said that he is ready to put in 12 billion kronor ($1.79 billion) to develop new Saab models and that cars would still be manufactured in Trollhättan in five years time.

“That’s a condition,” he told SvD adding that rich Chinese consumers prefer to buy cars manufactured in the west.

However, he also said that Saab is technology and not just a brand.

“We don’t have the capacity to develop the cars. And I would really want to keep many from the old management group.”

According to Pang Qingnian, the mass flight of the redundant workers is a problem.

“Without the employees it will be impossible. It will have to move fast now,” Pang Qingnian told the paper.

He was not willing to elaborate on the bid, which was put on the table last week, but previous information has mentioned two billion kronor. However, according to Pang Qingnian, the bid could go up should the administrators be able to show the “right evidence” that it is worth it, he said.

According to news agency TT, Pang Qingnian has long wanted a piece of the Swedish automaker, trying to buy into the company as early as 2008, long before Victor Muller was involved.

However, at the time, General Motors turned him down on the basis that they already had two Chinese partners.

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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.