The k2p blog

Saab is on its last legs but it appears from an investigation conducted by Swedish Television (SVT) that Victor Muller has rewarded himself handsomely even while supplier bills have been unpaid. Muller has little substance in his history but a long track record of grand schemes and – it seems to me – very gullible investors. Employees in his various loss-making companies have continued in the false hopes that Muller is so good at building up. They would seem to have a misplaced loyalty to their brands but instead have actually been relying on an unreliable Muller.

SVT  (free translation):

SVT Report has investigated the complex transactions between Saab, Saab’s parent company and Victor Muller’s private companies. His compensation through bonuses, salary, equity, and professional fees add up to 18 million Kronor. This is at the same level as Leif Johansson the former CEO of Sweden’s largest company Volvo Trucks, where Volvo Trucks has about  90,000 employees while Saab has fewer than 3000 employees. 

Saab has also paid Victor Muller’s invoices even while supplier’s bills have remained unpaid. Saab’s annual report details consultancy fees of 4 million kronor including a bonus of 1.76 million to a company that Muller controls – Latin America Tug Holding registered on the island of Curacao in the Caribbean. …..  Saab’s parent company has paid consultancy fees of €550 000 and an additional bonus of €508,571, making a total of about 10 million kronor to Victor Muller. He has also received 120,000 shares that he has sold for nearly four million kronor.
Beyond that, Saab’s parent company has bought services from companies affiliated with Victor Muller for nearly seven million. Victor Muller also has very attractive interest rate agreements for the money his company has lent to Saab. The interest on loans is set at EURIBOR plus 6 -10 percent. This means that Saab could have paid him around 12per cent interest on the loans.
Swedish Television have not been able to reach Victor Muller.

Sucking blood from a dying company.

Related: https://ktwop.wordpress.com/2011/05/12/saab-being-pimped-around-the-world-by-victor-muller/

Tags: SAAB, Sweden, Victor Muller

This entry was posted on October 27, 2011 at 11:14 am and is filed under Business, Ethics, Sweden. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.