in the exhaust affair of Volkswagen are board members have been informed earlier about possible impending billion penalties in the United States be. As the “Mirror” reported, citing participants of a meeting of the VW brand board on 24 August last year, experts had reported at the time not only on the installation of prohibited engine software for manipulating the exhaust emissions. They have also argued that potentially threatened fines of more than $ 20 billion. On Friday also were rumors, the minutes of that meeting had been changed subsequently. Therefore is no longer understand the basis of the protocol, whether it has been reported about possible penalties at this level or not. However interpret some evidence that – as reported -. possible penalties on the board meeting were discussed
Author: Carsten Germis, economics correspondent in Hamburg.
For Volkswagen, the question whether the Board was aware of the manipulations and possible penalties in the tens of billions, is crucial. More recently, the company has refused and said that the Board was of the publication of the US Environmental Protection Agency, which has made the gas scandal on September 18 public, surprised an action for damages by investors. Until then, the board had gone out of a penalty of up to three characters in the lower million euro range. Investors demand compensation, because they assume that VW has not complied with its obligation to report promptly on this price-sensitive risks. That would be the case if it can be demonstrated that Volkswagen has known earlier as claimed by the manipulation and the high financial risks.
Already in the past week had the “Spiegel” reported that the new VW brand Chef Herbert Diess and Executive Board Francisco Javier Garcia Sanz had been informed at the board meeting of the manipulated software. VW CEO Matthias Müller or the new supervisory board chairman Hans Dieter Pötsch, who was Group CFO at that time, take part in the board meetings of the brand VW part no. It does not apply the charge to have been informed at the latest at this time on the financial risk, therefore.
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Volkswagen pointed in a statement on the ongoing investigation of the American law firm Jones Day on Friday. Based on these investigations VW intends to submit its report in the second half of April and call causes and in charge of the gas scandal. One speaker referred to this report. All now “alleged information” based on pure speculation, it said. Literally the spokesman said: “Any conclusions based on subjective representations and nonexistent knowledge of the relationships.”
Sometimes it is better to know less: Francisco Javier Garcia Sanz
Volkswagen is facing due to the exhaust gas scandal with compensation claims of investors and customers in the billions. The applicants, both private investors and professional investors demand compensation for suffered losses. They argue that VW over the manipulations would sooner have to inform. The Wolfsburg had allowed the installation of the software behind the scenes already on September 3 at the EPA. Only on September 20 – a Sunday – the group confessed this also a public. The stock market was informed two days later on the extent of the feared damage.
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