Posted on July - 29 - 2011
Antonov aware EIB won’t allow him as investor in Saab
STOCKHOLM – THE European Investment Bank will not let Vladimir Antonov bail out Swedish carmaker Saab , a spokesman for the Russian businessman said on Thursday, just two days after Saab said it didn’t have enough money to pay some workers’ salaries.
A cash crunch at Saab earlier this year left it unable to pay suppliers and has halted production almost totally since early April. Saab couldn’t pay workers in June, though it later agreed funding deals that covered employees wages. It said this week 1,600 staff would not get paid this month.
The EIB has loaned Saab money and therefore has a veto over ownership issues. The bank has not made any formal statement about Mr Antonov’s application for approval as a Saab shareholder.
Mr Antonov has known for a few weeks that the EIB would not him invest in the iconic Swedish car firm, Mr Antonov’s spokesman Lars Carlstrom told Reuters.
Mr Carlstrom said the EIB was taking its cue from the Swedish government.
‘The Swedish government has stopped us investing 100 million euros (S$173 million) in Saab,’ he said. ‘They are ready to risk 4,000 jobs.’ Mr Antonov has not given up on Saab, however.
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