Saab’s attempt at selling off assets to a Russian financial magnate Vladimir Antonov has stalled after the European Investment Bank told the Swedish auto maker to essentially find a new partner within a set time frame.
The EIB and other parties have expressed concerns regarding Antonov’s reported Russian mafia connections. All parties involved are understandably reluctant to elaborate on specifics, but Saab parent company Spyker said in a statement that “Saab Automobile is working with all parties involved on a solution to complete the sale of the property and will have further talks with the EIB today,” Spyker said.
Saab has borrowed $400 million from the EIB, but a cash crunch has also seen the company owe its supplier $49 million, leading to parts supply disruptions and a mere trickle of cars built due to the disputes. Saab has also been courting Chinese auto makers for a variety of deals, but said that it has nothing to do with Volvo, Saab’s fellow Swedish auto maker, currently owned by a Chinese corporation.