Who can have sympathy for Saab automobile after its Board members feed fat on the derelict motor maker?


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Thursday, 18 August 2011
In Trollhattan, the home of Saab automobile, activities no car production is taking place there mainly because of lack of money, to pay sub contractors and other external aspects on its value chain.

Two days ago, the state bailiffs swopped on Saab’s assts because Saab could not pay its bills relating to taxes and national insurance contribution. The main cry was that Saab had no money and its boss, Victor Muller has been going all over the place looking for money.

But as on lookers feel sorry for the company and its difficult position, the board of management of Swedish Automobile which owns Saab, used much of the money to pay themselves hefty pay rise and various awards.


The accounting documents seen by Swedish TV Channel TV 4,  shows that, as money is scarce in the company, the Chairman, Hans Hugenholtz got past Skr147,150 as his usual pay to a raise of Skr931,500 according to TV4, which read the board meeting’s minutes. That increase corresponds to 533 percent.

Maurizio La Noce, another board member, raised his allowance from Skr147,150 to Skr611,163.
The decision was taken at an extraordinary board meeting held in conjunction with the General Meeting on 19 May when Spyker was renamed the Swedish Automobile.

Spyker justify the raise to that workload of board members had increased significantly during the Saab-time. In addition, the Board had been expanded with two people in 2010 and they had received better compensation than those who were already sitting on the board and now the differences had to be evened out.

The main point of debate in that meeting was mostly about Victor Muller's right to receive a big bonus, despite the gloomy state of Saab. Muller was then both CEO and chairman of Saab, since former CEO Jan Ake Jonsson resigned.

After taking the big pay, all the other board members but Hans Hugenholtz has eloped from the Board of Swedish Automobile.
Who then should feel sorry for this company?
By Team

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