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On Thursday Di wrote about how Scania’s German owner Traton plans big dividends, while Scania in Sweden has been granted interim support for short-term permits. By contrast, the Swedish Growth Agency (after political pressure) has reasoned with respect to large Swedish companies, such as AB Volvo.
If Swedes receive severance pay, they cannot distribute last year’s earnings. This despite the fact that support is applied in practice to employees as a whole. Only administered by employers.
Scania’s case clearly illustrates how impossible the situation becomes and how unfair, when Tillväxtverket does not understand how companies are structured. Competitor of AB Volvo, publicly traded trucking company Traton, may receive severance pay even if it generates dividends, because Scania is a separate company that does not send a profit, dividend, to owner Traton this year. But it is a fiction.
Traton, where Volkswagen owns 89.7 percent, owns 100 percent of Scania. Scania may not pay dividends to Traton this year, but the money remains. In addition, Scania accounts for half of the turnover and, in principle, all profits at Traton. All the money that Traton is giving away, this year or next, comes from Scania.
Geolocalized Volvo cars now claim they do not intend to distribute profits to their Chinese parent company. But the interesting thing is, as in Scania, if Geely gives in to its owners. The Growth Agency must rethink if it does not want foreign competitors to obtain better conditions than Swedish industries.
The only way out of this is to allow dividends. But different types of support must be distinguished. It is a difference to provide layoff support, which is an aid to employees, and to distribute large sums that go directly to company cash registers.
The Swedish government S / MP has made a total mistake regarding dividends. But they are not alone. All Swedish politicians have chosen the ignorant, superficial and simple position. He has not bothered to find out the facts, despite the fact that the opposition has had much more time to think about the matter. Business-calling parties should think once more before doing so again. They have shown that there was just no binding word. Trust is amazed.
