Spyker sues GM for over Skr20 billion

Monday, 06 August 2012
Saab Automobile's former holding company Spyker is reported to have sued the American production line at General Motors of $3 billion, corresponding to Skr 20.2 billion.
According to a press release from Spyker, the lawsuit was filed on Monday at a court in Michigan, USA.

In the lawsuit Spyker seeks redress for the "illegal actions GM took to avoid competition with Saab Automobile on the Chinese market," the company says in the press release.
GM spokesman James Cain says of the suit that: "It's hard to believe. We have no comment until we see the lawsuit, " according to addition reporting from Reuters.

According to Spyker GM's actions had "direct and intended target to run Saab in bankruptcy," Spyker continues and add that GM bothered a transaction between Saab Automobile, Spyker and Chinese actor Youngman which since them has made it hard for Saab to survive.

Spyker is seeking $ 3 billion, corresponding to Skr20.2 billion. "Ever since we were forced to apply for Saab Automobile's bankruptcy in December last year we have worked continuously on the preparation of the lawsuit seeking compensation for Spyker and Saab for the massive damage we have sustained as a result of GM's illegal acts, " Saab Automobile former CEO and current Spyker CEO Victor Muller said.

"We owe our stakeholders and ourselves that justice is done and will pursue this lawsuit with the same persistence and perseverance that we had when we tirelessly worked to rescue Saab Automobile, until GM destroyed this effort and deliberately ran Saab into bankruptcy, " he continues.

Since Saab is in the process of change in its structures it is not capable of contributing to the costs of litigation. As such Spyker and Saab Automobile have agreed that Spyker will bear the costs of litigation.

Spyker is reported t have secured funding from an unnamed investor to run the legal process.
by Scancomark.se Team

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