Statement from Saab on SVT’s report on Victor Muller’s compensation

This morning several news sites in Sweden wrote about Victor having earned 18 million Swedish crowns from Saab in 2010. These reports were obviously based on calculations of the Swedish TV programme SVT Rapport. Here’s a statement from Saan on that topic:

Saab Automobile and Swedish Automobile (Swan) have taken notice of a report by Swedish media outlet SVT in which a specification of Victor Muller’s remuneration over 2010 was given. Unfortunately, this report contains a number of serious mistakes and therefore provides an incorrect overview of Mr. Muller’s remuneration over 2010. Mr. Muller’s total remuneration over 2010 was approximately EUR 862,500. Saab Automobile and Swan refer to the 2010 annual report of Spyker Cars N.V. for the only complete and correct overview of Mr. Muller’s remuneration over 2010.

As stated in the 2010 Spyker Cars N.V. (now Swedish Automobile N.V.) annual report, Victor Muller was awarded a total cash compensation of EUR 1,058,571 in 2010. This compensation consisted of a EUR 550,000 management fee as well as a EUR 508,571 bonus. This total cash compensation includes, and does not come on top of, an incidental bonus of 120,000 shares rewarded to Mr. Muller by Swan in relation to the successful acquisition of Saab Automobile. This total cash compensation also includes, and does not come on top of, consultant fees paid by Saab Automobile to Swan and Latin American Tug Holding. This total cash compensation also includes a EUR 196,000 bonus awarded by Saab Automobile to Mr. Muller, which was not paid out at the request of Mr. Muller.

The above is explained by the fact that the 2010 annual results of Saab Automobile AB are incorporated in the 2010 annual results of Spyker Cars N.V. (now Swedish Automobile N.V.). Therefore, amounts mentioned in the Saab Automobile and Spyker Cars annual reports overlap on many occasions. SVT incorrectly double-counted several amounts, which led to a higher overall compensation figure than was in reality awarded to Mr. Muller.

Regarding the interest rate paid by Saab Automobile on loans from Tenaci: this rate is in line with market rates and is the same rate as the one paid by Tenaci on loans from its lenders. This means that there is no profit margin for Tenaci on the loans to Saab Automobile. The interest rate is also identical to the ones charged by the other lenders to Swan: Epcote and Gemini.
Gunilla Gustavs
Global Market Communications
Saab Automobile AB

My point on that is quite simple. Victor puts a lot of effort into Saab and is working hard on a plans to save the company. And he gets money for that. Nothing too special about that. To blame all of Saabs problems on him and demand that he should not get any money would be just pathetic.

It seems as the press gets no real news they try to dig out things like that for a quick headline.

8 thoughts on “Statement from Saab on SVT’s report on Victor Muller’s compensation”

  1. Unbelievable. It has been like this since the beginning. If there are no news, let’s make some and bring down the company. The thing that worries me is that they will most likely get what they want. Bankruptcy and the end of SAAB. I’m sad.

  2. Question:

    Isn’t that the same story that was run earlier where NDO asked for answers from Saab and found the answers satisfying and the different fees reasonable?

    Or at least some of it is the same story?

    • Yep, it seems so; journalists, what else is there to add, no expert knowledge, doesn’t matter if you are an engineer, lawyer, economist, doctor, you name it, we find errors every day in the media, but still journalists are among those with the biggest egos.

  3. The self-destruction by so many governmental and non-governmental personalities in this whole drama is unbelieveable.

Comments are closed.

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.