It’s not time to point a finger at somebody

But the clear answers of Ms Anna Petre, Saabs PA officer, in an interview with the Swedish publication Resume, makes me feel sad.

….we knew we would get a dip in finances in April. The plan was to solve it by letting Vladimir Antonov purchase our property and lease it back. The government said “yes”, but the European Investment Bank said “no”…..

Some SU-readers won’t like what I will say, but this is my personal opinion, and I will not change it.

That NO from the EIB to Mr Antonov has costed Saab millions of Euros, Crowns, Dollars and Pounds, and a production Stop that didn’t have to be.

The Swedish government, the ones with the loan guaranties, had no problem with Mr. Antonov, the Bank, which would get the money either from Saab or the Swedish government, had a problem with Mr. Antonov. Why? We will never know.

But there is one coincidence, although I don’t believe in coincidences. During the time the EIB was blocking anything Saab tried to do to solve their short term financial position, Eva Srejber was in charge of any financing business the EIB did in Sweden.

Ms Srejber left her position as Vice President of the EIB on the 30th of June, as her term of office ended. Four days later the EIB says YES for the first time to a inquiry from Saab.

Yes, this may be pure coincidence.

Now Saab has spent a lot of money on nothing, many markets have lost (once again) the confidence on the brand and Saab will sell, after all that turmoil, 50.1% of the shares in Saab Automobile Property AB to a consortium of Swedish real estate investors, led by Hemfosa Fastigheter AB.

I think Saab had better plans for the last three months!!!

32 thoughts on “It’s not time to point a finger at somebody”

  1. but it also should be said that VA wanted shares for this sale and leaseback deal . If they had done this deal like the hemfosa deal (without approval of ownership)- it would have been much better.
    if we remember EIB and NDO gave a informal OK for such a deal at the end of april

    • Sorry, but although those two things started almost at the same time, they have been uncoupled since the very beginning.

      • sorry redj – the sale and leaseback deal from VA was coupled with a stake – that wasn´t officially mentioned in any Press release – but there were enough articles where you could read that.
        and that was a main reason to change to the hemfosa plan.

        • Sorry Andee, but that was to separate deals, one ther Mr Antonov bying part og Saab propertys for ca 300 milj and another where he ask to be stakeholder

        • It would be nice if you could link to a few of those articles.

          The leaseback deal was designed specifically to circumvent the ownership question. I remember the NDO was, at the time, also asked about the ownership question, but they replied it would take a little longer to process. The leaseback deal OTOH was approved in very short time since it did not change the ownership question.

  2. Yepp. It feels like it’s more than an coincidence.
    Can only hope that the rest goes faster now, if it does, then we now for sure it was not a coincidence.

    • political feud between different parties? possible?

      we experienced a very similar situation with the sale of Alitalia to Air France …. at the end it cost the tax-payers billions …

  3. What a stupid woman. I cannot see any justification for this decision, and I think it has singularly seriously damaged the reputation of the EIB. In the future any other companies will hesitate to do business with the EIB which will essentially render them useless as an institution.

  4. ”Saab will sell, after all that turmoil, 50.1% of the shares in Saab Automobile Property AB to a consortium of Swedish real estate investors, led by Hemfosa Fastigheter AB”

    And at a lower price………

  5. .
    TTAC’s commentators need new calculators…………………Oh, maybe their Batteries have run flat, like their comments.


  6. Quote from the above:
    “That NO from the EIB to Mr Antonov has costed Saab millions of Euros, Crowns, Dollars and Pounds, and a production Stop that didn’t have to be.”is really an understatement”
    To my guess it has costed as much as the new funding has brought in (4-600 million SEK) and that’s all because of the Swedish Gvt/EIB unwillingness to make this deal progress.
    The main reason for the government is to to statue an example with Saab – Message:”There is no way the govt is going to support private enterprises whatever the …..yada yada”
    One of the main architects of this philosophy is Swedish Minister of Finance, who happened to have worked with Eva Sjreber (formerly EIB) for a coupleof years at the National Treasury and who also happens to have been her boss as the swedish minister of Finance which governs the EIB. Now, what a coinsidence tthat EIB have changed their minds about Saab when she resigns

    Please allow me to introduce my conspiracy theory.Check this piece from TTELA around Easter at the time of when EIB made one of their rare statements..It indicates that swedish gvt has a real influence on what the EIB decide or not. And at the same time they can blame EIB for not deciding. Catch 22 completed? Yes sir!

    • Yes, I remember that article.
      Well, if you read this one from Resume, you get the impression, that Ms Maud was the only one pro-Saab, and Borg and Reinfeldt were against Saab, but the have been to coward to do it transparently.

      Maybe SU should send Ms Maud a SAABSUnited mortar for her collection, for her merits pro Saab in a contra-Saab government.

      • @Red J
        I am very sceptical of the Resume article you have linked to – it looks to me like Olofsson and her PR team have fed information to the journalist in order to make excuses for not engaging with Saab until she was absolutely forced to. Let’s not forget how ineffective and in many cases negative she has been through this process.

          • According to swedish media Antonov sent a letter to Maud expressing worries about her possibly resigning from swedish government. I live in the municipality ran by the PM before 2006 and I count him as an ideological fool and the slashing of his party locally in the last election by over 10 percent show I’m not alone. I guess babe was somewhat cornered by her neoliberal colleagues. The last weeks also showed EIB being angry at NDO for taking quick decisions. Maybe it’s like this; PM is using quick decisions by NDO to show swiftness by swedish government and EIB and GMs conditions is used as a reason not acting. Maybe the EIB being angry was because NDO saying yes, shifted the bad pr to EIB while swegov had no intentions on saying yes…

            Whatever conclusion you draw from this Antonov still sent the letter for some reason…

    • Uddo,
      why should Saab build a single car in Japan???

      The German article is just crap, they don’t know what they are taalking about, it looks like C&P.

  7. Is this old news or why hasn’t anyone commented it?

    From the Anna Petre interview:

    har en uppdaterad 9-3 som klarar miljöbilsgränsen, ska ha ner nya 9-5 under den gränsen snart

    “We have a refreshed 9-3 that emits below 120g CO2/km and will soon have the new 9-5 below that limit”

    I know there have been various indications of this, but I hadn’t seen it mentioned so explicitly before. I guess we’ll here more about this in the near future!

    • Well, the google translation is very bad at that point, so didn’t even notice!!!

      All began in February, when Saab presented the car exclusively to Ynor AB.

      Lately Saab UK announced a 128g/km SC with the 160hp Diesel engine.

      So they are moving in that direction, and my bet is that the announcement will be done at the IAA in Frankfurt in September.

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