The Dutch shareholders association VEB has called on Victor Muller, CEO of luxury car maker Spyker to come clean on who is financing the company’s takeover of Saab.
The lobby group has published a list of ‘seven pressing questions’ on its website which it thinks Muller should answer, following the sale agreement reached with General Motors earlier this week.
According to the Telegraaf, a company called Tenaci Capital, set up by Muller this week and registered at his home address in Baarn, has bought out Spyker’s Russian investors, paid €50m to General Motors and extended two loans totaling tens of millions of euros to Spyker.
But no-one knows where that cash has come from, the Telegraaf reports.
The VEB says investors have the right to know how Spyker is financing the takeover of the much bigger car maker, and how long it has to pay off the loans.
Muller now owns 30% of the company following the takeover of Antonov’s shares and is required by law to bring out an offer for all the shares outstanding.
‘When can shareholders expect that offer, or has Muller got an escape route in mind?’ the organisation said.
Muller told reporters on Thursday afternoon he would not say who is behind Tenaci. ‘They want to remain anonymous,’ the Telegraaf quoted him as saying.
The VEB also wants to know ‘why and how’ Muller expects to make two companies which have lost money for years into a single profitable firm.
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