Blog: Dave LeggettThe mess at LDV

Dave Leggett | 26 March 2009

I heard some LDV workers interviewed on the radio news at lunchtime and you couldn't help but feel sorry for them. They have lived with flaky owners and great uncertainty before and some of them are clearly now at the end of their tether, wanting resolution one way or the other.

The disarray and uncertainty continues. One of those interviewed said that the only way they learn anything is by reading the company's blog.

The business plan for LDV is clearly a point of legitimate concern for the UK government before it sends any financial assistance LDV's way and rightly so. I'd have thought LDV would have an interest in getting some of the details of the plan out into the media. All we know is that there's an electric van involved.

Are outside investors really interested? Some Chinese/Indian (Mahindra rumoured) might be. The UK government is apparently trying to ascertain how serious these speculated 'Asian' investors might really be.

What about the current LDV owner Oleg Deripaska? A Coolbear feature published today on just-auto describes how things have rather gone pear-shaped for the GAZ man. He could be down to his last few billion dollars and is sitting on a mountain of debt.

But as someone once said, the banks can happily screw you when you owe them pennies, but they treat you with a bit of respect when you owe them the equivalent of a small country's GDP. I don't suppose he's giving up the yacht where he entertains British politicians on their hols just yet.

LDV's sad predicament is a poignant sign of these strange times.

EMERGING MARKETS ANALYSIS: GAZ in crisis as Deripaska’s empire crumbles


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