At least part of the agreement between Saab and Pang Da now seems to be in serious danger. Not affected is the purchase of Saab automobiles for China, with Pang Da as importer. So it seems, at least for the first one.
There are serious concerns about the second part of the agreement, the Chinese trading company's 24% stake in Saab. On May 18, the powerful NDRC on Saab met in Beijing. It was found that Saab already has a preliminary contract with the Youngman Automobile Group. We have already reported about it. The NDRC concludes that Youngman has the "older" rights to Saab.
The NDRC is seriously upset about the behavior of Victor Muller, who was “negotiating marriage with three brides at the same time with a spokesman for the NDRC”. In doing so, Muller has violated the strict rules for foreign investment and incurred the resentment of the commission. Negotiations with the Youngman Group were already very far. The first investment round wanted to invest € 100 million, and the documents had already been submitted to the NDRC for approval. Muller then made a surprising U-turn, presented Hawtai, and now has a problem and personal animosity with the Youngman Group.
The news comes at a very inopportune time for Saab as they are trying to convince suppliers of long-term financing. The question is whether Youngman wants to exercise the "rights" or whether one renounces. Saab may have to buy its way out, which would not be unusual. Youngman's CEO Rachel Pang didn't want to comment on Svenska Dagbladet's question on the subject and just said "check the rules".
Victor Muller responded to requests from the Svenska Dagbladet that the news was absolutely wrong, that he had received other information about the NDRC meeting first-hand. He continues to believe in a partnership with Pang Da,