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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| SAAB AB (PK) | USOTC:SAABF | OTCMarkets | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 23.98 | 19.13 | 33.60 | 0.00 | 21:18:26 |
From Jul 2019 to Jul 2024
STOCKHOLM—Five people in the former management of bankrupt Swedish auto maker Saab Automobile AB are being prosecuted for a bookkeeping offense, Sweden's Economic Crimes Bureau said Friday.
The chief prosecutor at the bureau, Olof Sahlgren, said three members of the previous Saab Automobile board and two former senior executives are being prosecuted for gross obstruction of tax inspection, an offense which carries a punishment of up to four years in prison. Those charged were former Chairman Victor Muller; former Chief Executive Jan-Ake Jonsson, head lawyer Kristina Geers, and executives Robert Schuyt and Rosmarie Soderbom.
The five former board members and executives are accused of having booked two payments totaling around 30 million Swedish kronor ($3.85 million) in the company's accounts through two false invoices issued to a Cypriot company, the chief prosecutor said.
Per E. Samuelsson, legal counsel of Ms. Geers, said his client denies the charges against her. Legal representatives of the other defendants could not be immediately reached for a comment. All the defendants deny the charges, according to the Economic Crimes Bureau.
The Economic Crimes Bureau said the alleged crime was committed in 2011 as Saab Automobile was seeking investors to pay off debts to suppliers and restart production at its Trollhattan plant. The prosecution is part of a wider investigation into Saab's operations before its downfall.
Initially in September Mr. Jonsson and Ms. Geers were charged by the Economic Crimes Bureau with entering into a fake wholesale agreement aimed at creating a paper trail to justify payments totaling roughly 30 million Swedish kronor. Friday's charges against the five are part of that investigation. Both Mr. Jonsson and Ms. Geers denied the charges in September, according to court documents.
Saab's struggles began in the fall of 2009 in the midst of the global financial crisis. GM sold Saab to Dutch sports-car maker Spyker in 2010. Saab continued to fight for survival but finally filed for bankruptcy in December of 2011.
Write to Christina Zander at christina.zander@wsj.com
(END) Dow Jones Newswires
February 19, 2016 12:15 ET (17:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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