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Ex-Saab Chiefs Cleared of Tax Evasion, Fraud Charges
Two former CEOs of Saab Automobile AB have been acquitted by a Swedish court of fraud and tax evasion related to their efforts to stave off the company’s bankruptcy in 2011, Reuters reports.
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Two former CEOs of Saab Automobile AB have been acquitted by a Swedish court of fraud and tax evasion related to their efforts to stave off the company’s bankruptcy in 2011, Reuters reports.
The executives, Jan Ake Jonsson and Victor Muller, and five others were charged with misrepresenting Saab’s financial straits and forging documents to arrange bailout funding from Russian billionaire Vladimir Antonov in 2010.
In 2010 General Motors Co. sold Saab to Dutch supercar maker Spyker Cars NV, which was owned by Muller and chaired by Antonov, for $74 million and $326 million in preferred shares. But the merger struggled from the start.
Saab’s assets, but not the use of the Saab brand, were acquired in 2012 by National Electric Vehicle Sweden AB, a Chinese-Japanese venture. NEVS won approval in January to build electric cars in China based on the Saab 9-3 sport sedan.
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