How the Swedish Finance Minister Anders Borg turned down Geely and tried to kill Saab automobileSaturday, 08 October 2011
Chinese financier had €50 million ready to start a down payment for Saab automobile but they got up and went left back to China because the Finance minister Anders Borg was not interested and failed to attend a meeting on the issue.
According to Swedish tabloid paper, Aftonbladet, yesterday Friday at three o'clock, Volvo would have bought over Saab. This is because Volvo's Chinese owner, Li Shufu was destined to meet with Finance Minister Anders Borg at the Finance Ministry in Stockholm to discuss the issue and arrange to pay the money.
On Monday, the Chinese would have paid €50 million in advance for the deal according to Aftonbladet. But instead of Borg, the state Secretary, Hans Lindblad was representing the minister.
AdvertisementThis was at least the plan Saab reconstruction administrator, Guy Lofalk had in place behind the backs of his clients Saab. But when Anders Borg did not show up yesterday, Li Shu Fu felt deceived and left the meeting, interrupted the sales process, and went home to China according to Aftonbladet.
The recent business around the Saab looks like a poorly written American soap opera.
Li Shu Fu was not alone to the ministry of Finance. He was company by Mr. Pang from the giant Chinese car dealership, Pang Da which has already shown interest in Saab.
According to Aftonbladet's sources, it was Guy Lofalk who brought Pang Da in with Geely to joinly get into the Saab business, behind the back of the Saab owner and boss Victor Muller, and interest party, Antonov but in agreement with Anders Borg.
The Chinese big organisation that determines which Chinese company should invest where, and with whom, the NDRC, had already given its blessing to another Chinese automakers, Youngman to enter the Saab deal. But after Lofalk told the Chinese that the Swedish government would prefer Geely as the owner of Saab, Youngman dropped out.
Whether Geely will get a second chance remains uncertain, but Guy Lofalk's future as Saab administrator looks bleak.
Saab has completely lost confidence in their administrator Guy Lofalk and plans to go to the District Court in Vänersborg on Monday to ask to have him removed.
“Lofalk collude with the Conservatives in government,” says a source at Saab to Aftonbladet. He runs errand for the Finance Minister, Anders Borg and was trying to get rid of Victor Muller and Vladimir Antonov. He is determined as not having Saab's best interests at heart.
By Scancomark.se Team
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