Saab News Sweden: Spyker Management in Criticism

Some earn their salary the hard way. Saab spokesman Eric Geers is one such case, he has not had it easy for months. Today was again one of those days that was not easy.

Yesterday, the Saab numbers 2010 were released. The Swedish press today had the time to take a closer look at the numbers.

Dagens Industri, the well-known Saab critics from Gothenburg, promptly found in the Saab figures a management expense of 40 million crowns, which Saab has paid to Spyker. The question is whether the amount is justified, with a loss of 3 billion crowns.

The 40 million were booked under "Management Fees", an expense that the Spyker management made for Saab. Eric Geers obviously had a hard time explaining this amount, which he believes is absolutely justified. It was "compensation for the work that was done for Saab," he told the press. What exactly this work consisted of, he couldn't say. "A large part of the Spyker management helped Saab during the turbulent times, such as the Spyker chief financial officer," said Geers.

Apparently the efforts in 2010 were cost-intensive but not very successful. After all, production has been around for almost 13 weeks.

Did Victor Muller also benefit from those 40 million? Muller, according to Geers, has his own salary. "But I'm not 100% sure".

Another 4 million crowns went to a company called "Latin American Tug", including 1.8 million crowns as a "performance-oriented" bonus for Victor Muller. These expenses were also booked under “Management Fees”. According to Dagens Industri, the company is owned by Muller. What exactly is this company doing? You cannot get precise information about this.

In the crisis year 2010, the salaries of the Saab Board of Directors have grown from 3 million to 8 million.

Are the 40 millions of crowns justified to the Spyker board? The Swedish press is now shooting at Saab again. Sure, because with these payments you have delivered a template.

It is certainly not good in a situation where patience and concessions are required from employees, suppliers, traders and customers to pay smart donations.

Whether the Spyker, or Swedish Automobile, management are worth this money, we will know in a few months.

No matter how it turns out. It's like the Swabians say. “A taste always stays”.