Even by the grindingly slow benchmark the European Investment Bank (EIB) seems to set, today’s (5 May) statement on the future of Saab takes the biscuit.
A breathtakingly complicated series of partners numbering the Swedish National Debt Office (SNDO) the Swedish government, Russian businessman Vladimir Antonov and now Chinese investor Hawtai, are all seemingly queuing up to receive the EIB’s blessing.
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So with eager anticipation, all were waiting for the EIB statement put out today (5 May) that many hoped would set the official seal on the convoluted process and get the factory lines humming again.
However, what the good people of Luxembourg actually put out appears to plunge the whole affair into yet more confusion. This is a small snapshot of what came out:
“”The EIB is ready to do its part to facilitate a solution regarding the financing of Saab in line with its role as provider of financing of the R&D programme, while adhering to its established banking principles,” intone the financial boffins.
“In the medium term, Saab may need a more flexible credit structure overall, as the company is undergoing major changes.”
I’ve put in several calls to the EIB and just about every time I’m firmly batted back to the boundary with extremely polite but extremely cautious replies.
There are nearly 4,000 jobs at Saab, let alone thousands more in the supply chain potentially at stake here and while I don’t expect the EIB to be doing verbal cartwheels, surely some explanation of why Saab needs “a more flexible credit structure,” could be forthcoming?
When I asked the EIB what it meant by the phrase, the bank said: “This has to be finely balanced, statements like this are always finely balanced.”
You can say that again.
Swedish press reports are indicating Hawtai bigwigs are currently touring Saab’s Trollhattan plant and they might like a little more meat on those finely balanced bones.
The Chinese clearly think their investment could pay off but there is one great edifice in Luxembourg that needs to clarify its position before any of the other players can move.
