Victor Muller and his sports car company Spyker missing opportunities to save Saab Automobile. Saab Automobile was sold to Spyker Cars N.V. in 2010 after a deal between Spyker and then-current owner General Motors.
In 2012, Spyker filed a lawsuit against GM asking for US$3 billion in damages after GM had attempted to block the deals between Spyker and Chinese automaker Youngman, who were investing in Saab Automobile. Consequently, Saab was forced to file bankruptcy in 2012. Spyker’s claim was dismissed in June 2013.
During Victor Muller’s time of Saab Automobile company lost a total of $900 million, published in today’s edition of the Swedish daily Dagens Nyheter. This corresponds to approximately $1.3 million per day! (during 22 months)
This was revealed today by Dagens Nyheter (DN) newspaper after reviewing the bankruptcy investigations and in-depth analyzes of Saab and Spyker’s economy. DN’ve read the interviews, records and thousands of e-mails as part of the giant preliminary investigation into Saab management.
The loss in the first year was $432 million. Some financial statements for the second (and last) year was never made because the company went bankrupt in December 2011. But the bankruptcy estate analysis shows that the loss came at just over $467 million, equivalent to almost $60,000 per hour. Saab became insolvent at the beginning of April.
Seven people is facing being charged by a prosecutor for serious economic crimes in Saab Automobile, among them were former Chairman Victor Muller; former Chief Executive Jan Åke Jonsson, head lawyer Kristina Geers, and executives Robert Schuyt and Rosmarie Soderbom. The heaviest part of the massive investigation involving serious racketeering. All of the defendants deny the charges.
The trial of the suspected serious economic crimes in Saab Automobile will begin in late January 2017 at the Vänersborg District Court and is scheduled to continue until March. DN has offered Victor Muller, Jan Ake Jonsson and Kristina Geers to give their views on this case, but they have declined.
However, Victor Muller at this year’s Geneva Motor Show, made a statement about about the fate of Saab:
When Saab went under, it almost dragged Spyker with it,” he told just-auto. “We managed to escape that fate by bringing on board Youngman, the bus maker from China. But they didn’t live up to their commitments, so by the end of 2014 we had really come into heavy weather. We went through what the Americans would call Chapter 11, a moratorium, and that was converted to bankruptcy and I appealed the bankruptcy and I managed to get out, I won – which never happens. It so happens that I am a lawyer by profession.”