Anders Borg, member of the EIB Board! Continued…
July 31, 2011 in News
SaabsUnited has reached a source with close insight into the matter regarding Anders Borg in the Aftonbladet article published earlier today, which states the following:
“At the time, mid april, when the EIB denied Vladimir Antonov to buy 51% of the real-estate company, even though the NDO approved the deal and GM gave their consent. Eva Srejber visited Hans Lindblad and Anders Borg in the ministry of finance for a day.”
So the big question is, how could Anders Borg not know at that time, that EIB would never had approved Mr Antonov from the start??
Tobbe said on July 31, 2011
Thats bad, really bad… Playing with 10.000 jobs..
ANA said on July 31, 2011
I agree, this situation stinks to high hell.
ottoswe said on July 31, 2011
DUTCH900C said on July 31, 2011
This is that kind unbellivble that i can´t belive it, what a shame!
tauentzien said on July 31, 2011
Time for demission of Mr. Borg and Mrs. Olafsson
Golfhunter said on July 31, 2011
Big questions & big pressure on the EIB .Well done !
Specht said on July 31, 2011
In my opinion, Anders Borg did know the 2009 EIB decision. Due to his particular vision of what swedish economy must become, he certainly want to lead Saab Automobile to the industry cemetery. This process hadn’t been built against Saab itself, it is a part of the global vision of swedish economy transformation. A kind of swedish thatcherism is practised by the government.
Nate 9-3 said on July 31, 2011
AB, MO, MS and FR are not promoting a national agenda. It is a globalist agenda of a small “ruling elite”. You are not supposed to ask questions. You are just supposed to accept it. Obviously I am not a proponent of such thoughts. This group impacts Swedent, the US, and all other western countries in the same way.
They are what is wrong with the world. It is good to see some Swedes shine a light onto this and stand up for the people. Now if we could only have more of this in the US.
Swedent – DON’T STOP ASKING QUESTIONS!
GerritN said on August 1, 2011
Exactly, you found the 800lb gorilla in the room! Sweden is ruled by ‘visionaries’ who don’t give a damn about what they crush on their path to a service economy salvation.
Lars S said on July 31, 2011
I feel I have made the most of my role as politician in this matter. I am, as some of you know, active in the social democratic party on a local level (I keep my party political comments on SU to a minimum and encourage all to do the same, but in this particular case it dos have some relevance) and feel that I know just the right guy to contact here. I’ve also done that and received an answer from this man, a member of the parliament, who promises to really look through what’s happened since 2009 and how the government has handled the issue. I’m not saying this will have big impact on the whole Saab case, but I do say that it was the right thing for me to do.
Nate 9-3 said on August 1, 2011
Thank you Lars. You sound like a good honest man looking out for other. I applaud you.
bjornorn said on July 31, 2011
I am fairly certain that the problem with EIB goes back to their first decision in 2009. When EIB started looking into the case again in April this year, receiving a new application for Antonov to join, they realised that they should never have approved the first loan, as I EIB loans should probably not go to companies that does’nt have sound finances, which admittedly SAAB did not.
The bank cannot admit that they gave the first loan based on the wrong analysis but they are now hoping (forcing?) Antonov will find alternativ funding so that EIB can come away from all obligations in relation to SAAB.
RS said on July 31, 2011
Didn’t Saab have all the money (almost 2 billion SEK) in their coffers from the tooling that went to BAIC at the time of the EIB loan? So probably nothing wrong with the analysis back then.
bjornorn said on July 31, 2011
Irrespective of the tooling issue SAAB was not financial stable at that time, anyone that claim differently would be blind to facts.
Don’t get me wrong, I wish with all my heart that SAAB will survive (I am on my fifth SAAB now so trust me on that one) and I think that with straight, honest and quick answers from authorities it would have been possible, but the EIB was and is not a “business” partner, and SAAB should not have tied their hands in the way they did.
RS said on July 31, 2011
I did NOT say they were financially stable. No company that starts from scratch (no production) is, but the fact remains they had money back then.
Khrisdk said on July 31, 2011
Their analysis may have been wrong, but all parties agreed that there was a fully funded business plan at the time.
If EIB recalculated this later on, they should just have announced that.
bjornorn said on July 31, 2011
I am simply saying what I beleive, that EIB has looked at the file again and come to the conclusion that their first approval for a loan should not have been given, it did not fulfill the criteria EIB has for loans, and they are therefore trying to get out of it now.
If you think that EIB would come out and say this officially then I think you will be looking a looong time. It simply does not work that way.
Khrisdk said on August 1, 2011
No, I understand that.
But saying nothing, while pretending to reexamine the case is a bit too political for me.
I would assume that they could have used any number of clauses in their arsenal to come out and say NO in public without much impact on their credibility.
They choose the worst possible solution to whatever problem they have with VA or Saab
Rune said on August 1, 2011
But bjornorn… How does denying Antonov help improve Saab’s financial situation? This all happened while VM was still in talks with the Chinese, getting closer and closer to some good deals.
A few months later, those deals are in place and the financial outlook looks promising again… Assuming VA was at hand to help with short-term financing.
Your thoughts do not bring us closer to an answer as far as I can tell. Nor does it bring to light the involvment of AB who seems to operate in accordance to an agenda all his own. Compare what the government are saying with what they are actually doing and accomplishing. The contrast is stark.
Esc said on July 31, 2011
Two links to EIB re. Anders Borg
New EIB govenor
http://www.eib.org/about/news/anders-borg-new-governor-for-sweden.htm
Attending 2009-meeting
http://www.eib.org/img/events/bg_2009_20.JPG
hilmar said on July 31, 2011
Why did Mrs. Srejber leave the EIB ? Please folks, go on asking questions !!!
BoeBoe said on August 1, 2011
Because her term was over. Nothing special. It was known for months that she would leave. It was completely normal, nothing weird.
RS said on August 1, 2011
How convenient to have Ms. Srejber leave now. She expressed concern for Saab and was looking for a quick resolution (waiting for the NDO decission) already three months ago.
http://www.svd.se/naringsliv/avgorande-nara-om-agandet-i-saab_6115445.svd
hilmar said on July 31, 2011
P.S. All activities which would lead Saab into bankruptcy must be stopped immediately until this issue is clarified !
Eagle63 said on August 1, 2011
Off-topic, but for everyone to relax, here’s a good old music video with a nice classic 900 convertible in it…;
http://youtu.be/ZVoD67TwkTs
(After those two got married they probably decided to buy a 9-7X..
)
Markac said on August 1, 2011
If Sweden has something similar to a Royal Commission, this situation definitely deserves one.
Bengt in Scania said on August 1, 2011
Perhaps this one?
Konstitutionsutskottet
turbofever said on August 1, 2011
I wonder when the promised good news will come…..It is a hard time waiting.
guy55 said on August 1, 2011
guy55
hallo, i am tired from waiting of good news? whats happen with saab?
i by a saab griffin convertible in april here in belgium, when go starting the production maby not of………..
i can wait but whats is de future for saab?
PLEASE TIMR GIVE ME A GOOD REASON.
thanks from answer
Carl-Henrik said on August 1, 2011
We don’t know the details. We know just as much as is written in the press. People at Saab are working to find a solution of course.
turbofever said on August 1, 2011
What was the news that put a smile on TIMRs face the other night?
TimR said on August 1, 2011
wait and see…
Carl-Henrik said on August 1, 2011
Trust me – I don’t even know that. We are not all one and same person..
I had some missed calls on the phone from Tim last Thursday, so I don’t know anything either. And I’m just as curious as you are!
TimR said on August 1, 2011
I can tell you why you should wait for your car! Because it is the best, most beautiful and most fun car you can get! If you buy another car, every time you drive around in it and see a 9-3 Convertible, you will regret that you did not wait!
Patience is the most difficult thing to handle, but it also gives most reward in the end!
katar1na said on August 1, 2011
=)
=)
=)
ThomasJ said on August 1, 2011
Angående de tidigare inläggen och den samlade bilden.
Hur man än vänder på detta så får man uppfattningen av att något är fel och att några har begått misstag.
Om man inte tillåter vissa investerare i Saab, så är det bättre att stå för det och inte ge sken av något helt annat.
Lögner och fabriceringar blir bara kostsamt för den enskilda personen och man måste alltid komma ihåg vad man sagt. Detta är en något som alla känner till, om inte, så bör man lära sig detta efter det första misstaget.
Om det är så illa att Sveriges regering är inblandade i denna typ av agerande så är det ett fall för Konstitutionsutskottet och något måste göras år de stora ekonomiska konsekvenser som detta drabbat SAAB.
Kan det verkligen vara en så stor skandal?
Hoppas någon journalist med självkaraktär utreder detta och bringar klarhet för det svenska folket och för de c:a 10.000 personer som på något vis har sysselsättning tack vare SAAB.
Regarding the previous posts and the situation.
Whichever way you look at this, you get the perception that something is wrong and that someone have made mistakes.
If you do not allow certain investors in Saab, then it is better to stand for it and not give the appearance of something completely different.
Lies and fabrications are getting expensive for the individual and you must always remember what you said. This is something that everyone knows, if not, then you should learn this after the first personal mistake.
If it is so bad that the Swedish government is involved in this type of behavior, then it is a case for the Swedish Committee of Constitution and measures must be taken regarding the major economic consequences that this has affected SAAB.
Can it really be such a big scandal?
I hope a journalist with courage is investigating this and brings clarity to the Swedish people and for the approximately 10.000 persons who have jobs in some way, through Saab.
katar1na said on August 1, 2011
Och vilken journalist skulle våga ge sig på detta, tror du? Janne Josefsson – hehe? Mja…
guy55 said on August 1, 2011
thanks TIMR for jour answer!!!!!!!!!!!
requist said on August 1, 2011
Every member state has a minister in the board of government, it would be suspicious if Sweden had not. The board of government has only to do with overall policy, not with cases.
Though a bit more open communication on who is actually communicating with who and who is responsible for the decisions taken would be welcome, I think accusing this minister of foul play looks to me a bit weird.
RS said on August 1, 2011
The biggest problem to me is that the minister responsible for the well being of Sweden keeps contradicting himself.
Quote: One must of course protect the employees in Trollhättan, but you must do so without risking taxpayers’ money, says Anders Borg.
The only way to protect taxpayer money is to let investors in as an owners so that Saab can keep on producing cars.
Why not have a few condition that R&D and the European production stays in THN if that’s what it takes. I’m sure VA would agree to it as he has said it himself.
It’s only if Saab goes bust that the tax payer loses money as the EIB loan is guaranteed by the Swe govt. Don’t they want to protect their own investment?!
It’s strange logic that it would not be a problem to pay unemployment benefit but it’s seems impossible to help EIB to do their part in saving 10.000 Swedish jobs, plus thousands all over the world at Saab dealers. Not to mention all the ripple effects.
It’s time for Mr. Hall of EIB to step up to the plate I think. NDO cleared VA in April 2011, remember.
GerritN said on August 1, 2011
The unofficial reason for each member state to be represented is to fight for the interests of their country! These are not peanuts loans we are talking about, there is lot of European tax money that has to be redistributed through EIB. The least you can accuse Borg of is incompetence and negligence, personally I think it is evil intent.
katar1na said on August 1, 2011
WHY am I NOT SURPRISED?!
Still – this is lovely news – and let me guess that there are some thrilling facts still to come..?!
So this lovely country Sweden that thinks of it self to be so morally supreme and all… sure.
Italy does at least now what a Maffia Boss look like. Here they come in disguise and it´s not
often that a clear sighted russian comes along
Nice work Antonov! Go on – there are people in Sweden who are thankful to what you do!
saabyurk said on August 1, 2011
Sweden holds firm on EU snus fight
But of course, Sweden must continue to fight against all investment in Saab at any cost. Amazing. Sorry to be so far off-topic but I’m too frustrated.
Peter Gilbert said on August 1, 2011
Because I am decisive I decided to reply to this first before responding to this morning’s The Local. They are debating if Swedish shipping should be allowed to arm themselves from Somali Pirates! Excuse me but either way this and SAAB’s situation with the Swedish Government indecisions are amounting to total incompetence and ineptitude.
ThomasJ said on August 1, 2011
Jag tror inte att någon svensk journalist varken vågar eller hinner.
De har fullt upp med att skriva annat om Saab, VA och VM.
Tobias-A said on August 1, 2011
Tror inte jag heller. Den något konspiratoriska delen av mig hävdar att både EIB och regeringen inte tänker hjälpa Saab utan att de hoppas att övriga arbetsmarknaden och speciellt Volvo Cars skall suga upp de 3.800 som blir utan arbete om Saab tvingas kasta in handduken. Räknar inte in underleverantörerna här utan bara de Saabanställda.
Ingen är gladare än jag om jag har fel eftersom jag hoppas att Saab finns kvar till 2014, när det är dags att byta in min då 4år gamla 9-3
Go Saab!
saabdog said on August 1, 2011
I wish I spoke Swedish!
ThomasJ said on August 1, 2011
You are now visiting the Scandinavian version of SU
Sorry for missing the english version.
Regarding my first comment earlier today, in this post, I said:
I don’t think any Swedish journalist dare to or have time to dig into this or write about it.
They are busy writing other “stuff” about Saab, VA and VM.
No 9 said on August 1, 2011
Heads should be rolling.
SAABNUT said on August 1, 2011
If I where to speculate – I belive the Swedish Goverment reason like this:
“We have put up guarantees for the EIB loan – untill we see a new owner or the existing owners bringing
more cash into the company and untill they repay the EIB loans we will not allow any changes in the company structure that will risk to:
a) reduce/jeopardize the collateral we have for the exsisting loans to EIB
b) Reduce the control and transparancy of the day to day operation and transactions of SAAB
So this have created a hen and egg situation for VM and VA – SAAB need money urgently and bust businessplan, liquidity shortages and the supplier situation have made the goverment even more suspicous and protective of their controll of the collateral.
There is no sure outcome of this scenario for a potential buyer or new investors – its not as simple as to bancrupt SAAB in order to reduce the debt to EIB and vendors – GM, EIB and the Swedish Goverment are all in line before any new owner/bidder or the present management can contoll the outcome.
An owner controlled bancrupcy does not work in this case – not to say there could be a forced bancrupcy triggered by another party such as a supplier.
Now that SAAB have more or less exhausted their own capital and also borrowed even more money getting the company even more in debt – the goverment is worried that the guarantees they hold for EIB are becoming increasingly worthless.
Its also a matter if and how this have been communicated between the goverment and SAAB and all parties involved. Here V A feel mistreated – and he should if no one have given him a clear message on an earlier stage.
If its one thing the Swedish Goverment does not want to do – from ideological reasons and practical reasons
- its to fulfill the guarantees to EIB with taxpayers money should SAAB be forced to enter bancrupcy.
At the same time the controll and restrictions the goverment impose – wreak havoc on VM attempts to recapitalize SAAB.
It seems as the only solution is to repay the EIB loans first and then recapitalize SAAB by bringing in Chinese investors and V A and not the other way around as the businessplan projected.
And this is a tough sell since much of the EIB loans are already spent on development projects and SAAB would rather need that cash to get the production started and pay of their suppliers etc.
And a new investor need to be sure that their investment is secured and will lead to a resonable return etc.
Its safe to assume that the EIB loand and collateral set-up is water and bulletproof on behalf of the goverment and that the present division of SAAB into three or four independent structures is part of this.
I think we can assume that the the Swedish goverment feel the collateral for their guarantees are under risk – thus their reluctance to support new investors only by selling off SAAB property or diluting the ownership of SAAB unless the EIB loans are paid off.
A catch 22 have arised – hurting SAAB and the possibillities to recapitalize the company.
Again – only thoughts and speculation on my behalf – not known facts!
As a SAAB fan it hurts these days – this venerable brand, the agony among employee, suppliers and dealers, the uncertainty and the red tape that effect the options that are availbale for VM and SAAB.
Can only hope that there is some kind of solution available within short – if Chinese investors can keep the company afloat to start production and a recaptalization can change the ownership structure matching the restrictions imposed by EIB / The Swedish goverment.