Friday, March 4, 2016

Diesel scandal: VW sets new date for Annual General Meeting – Handelsblatt

AGM at VW

the shareholder meeting is expected to be one of the most exciting industry events of the year

(Photo: AP).

Wolfsburg Europe’s largest carmaker Volkswagen welcomes its shareholders for the first time after the outbreak of diesel scandal on June 22 to the AGM. VW had moved in early February, the dates and the course thus also the shareholder meeting because of too many open questions in the exhaust affair. It was all about how the group evaluates the risks in the US for the open annual balance financially

In the United States there are -. Unlike in this country – no approved plan for a recall or repurchase of manipulated Dare. Its annual figures intends to present on 28 April Volkswagen. This should initially be done as early as next week. The AGM builds well on the financial statements on how the report for the first quarter, which is now also moved.



The legal construction of VW

  • Worldwide will sue for damages many VW drivers. In most cases, a loss of value of the car is made. If significantly deteriorate as the performance and consumption data by the need to convert, so could be successful a lawsuit. Whether that is the case, however, is still unclear: VW Recalls that all affected vehicles “technically safe and roadworthy” were. You do as a manufacturer from existing powers to rework the car: “currently available information, we anticipate that there will be no impact on the residual values ​​of the vehicles.”

    Source: dpa

  • many investors feel cheated. The VW shares plummeted after the outbreak of the exhaust scandal, some shareholders want to be replacing their losses by the Group. The reasoning: VW would much sooner have to inform about the emerging scandal because losses threatened. VW considers to have complied with all disclosure requirements.

  • Many lawyers vying currently pursuing both shareholders and VW customers court were allowed to. In the US class actions are quite normal, in Germany at least shareholders can apply for a so-called test case method. Here a lawsuit against VW is negotiated at the output then orient other complaints. For car owners who want to sue for loss of value, some lawyers organize currently Dutch foundations that are to negotiate on behalf of many holders with Volkswagen on damages. VW CEO Matthias Müller sees in the mass actions a business model of lawyers: “We see the very calmly.”

  • At the beginning of has submitted a lawsuit against the VW US Department of Justice. This involves the manipulation of diesel cars, the Department accuses the group but also in the work-up of the exhaust affair trickery and deception. Theoretically threatens a penalty of about 45 billion dollars (40.7 billion euros) plus a further, possibly billions payment at the discretion of the Court, as is apparent from the application. Even individual US states go against the German group before. VW refused to comment, referring to the current proceedings.

  • the Braunschweig public prosecutor determined by the manipulations of nitrogen oxide emissions, against six accused from the VW group on suspicion of fraud and unfair competition. About five more under investigation for possible misstatements in CO2 levels. The allegation is here primarily to tax evasion, because the German road tax strongly oriented on CO2 emissions. There were searches, the data being analyzed. A spokesman for the prosecutor expects that it will take months until the results. . VW refused to comment on the allegations

The General Assembly holds several times explosive: For the first time since the beginning of diesel debacle last September will deal Aktionaersschuetzer with the Group on a larger public stage. The Supervisory Board is accountable for lessons from the crisis -. And his new boss Hans Dieter Pötsch, purchases by court shall be elected regularly

The actions of the Executive is to then. About the question of guilt when exhaust scandal VW wants to inform the end of April, the investigators of the law firm Jones Day shall submit an interim report on the levels and pathways involved. This is also not an issue at the AGM to be. Originally, the meeting of shareholders for 21 April was planned.

Germany’s Leading Group ordinary shares to which voting rights and thus the power depend. Of this, 50 percent of the parent company Porsche SE. In this holding, the Porsche and Piëch families control their stake in Volkswagen, whose nucleus with the VW Beetle goes back to the Porsches. In addition, the state of Lower Saxony holds 20 percent of the strains a blockade position in the shareholder constellation. The state of Qatar has 17 percent

Bonus despite exhaust affair . VW pays employees a “token of appreciation”

are the Edukators – so it looked for 120-000 employees the VW-house fare from the face of diesel affair. Without profits they get no profit sharing. But now <"vhb inverse-link" span class => follows a glimmer of hope. More …

There are also non-voting preference shares, which are preferred in the dividend. These papers have lost some 40 percent since the crisis began in late September, currently around 30 percent. Also on the dividend, which is likely to suffer in the face of the billion cost of the affair to the general meeting vote.

A year ago, the shareholders had decided 4.80 euros per ordinary share and 4.86 per non-voting preferred shares. The state of Lower Saxony as a major shareholder thus emphasizing good EUR 283 million dividend a.

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