Peter Lim boards McLaren Automotive

The MP4-12C, McLaren. Photo / Supplied

Singapore billionaire Peter Lim has made a significant investment in British-based McLaren Automotive, the car company founded by New Zealand race driver Bruce McLaren.

Lim, a canny investor ranked at No8 on Singapore's rich list, has been appointed to the McLaren Automotive board.

He has an estimated fortune of US$1.8 billion ($2.2 billion).

Ron Dennis, executive chairman of McLaren Automotive, said: "Peter Lim's track record in Asia as a highly respected business leader adds further quality to our board in this highly competitive business environment at an exciting time for the company."

Demand for McLaren's MP4-12C supercar is strong with retailers in the Asia Pacific region, the company said. It has orders that account for around 18 months of production.

Last year, Lim made a US$525.5 million bid to buy the Liverpool Football Club, but later withdrew the offer after the club went into the hands of New England Sports Ventures after a court ruling.

Lim separately has exclusive rights to own and operate a chain of Manchester United-themed restaurants and bars in Asia.

Debt collectors move in on Swedish carmaker

Sweden's Debt Enforcement Agency has started collection proceedings against Saab Automobile after the cash-starved carmaker failed to meet a deadline to pay two suppliers.

"We've just begun by looking at what kind of bank accounts they have and what kind of collateral there might be," said an official.

Saab was supposed to pay Kongsberg Automotive AB, a Norwegian maker of car-seat parts, and Infotiv AB, a Sweden-based consulting firm, a combined US$633,000 to avert the proceedings.

Saab was forced to halt production in late March amid a cash crunch, and its Trollhaettan factory in Sweden has been quiet since early June.

Saab is trying to raise more funds and has said it aims to restart manufacturing in a few weeks. But analysts say the car company that began making fighter jets is doomed.

It has never overcome the damage done by General Motors, which bought 50 per cent in 1990 and a further 50 per cent in 2000.