The work-up of the diesel-scandal in the US could be significantly more expensive than previously expected for Volkswagen loud circles. The total amount of a pending settlement with private plaintiffs and authorities would amount now to more than 15 billion US dollars which was 5 billion more than last expected wrote the financial news agency Bloomberg late Monday, citing familiar with the matter people.
Neither VW nor the competent authorities would be told Bloomberg comment.
VW had reached in April an agreement in principle with plaintiffs in the US. This Tuesday, the group and the other side must now submit a settlement proposal to the relevant US Judge Charles Breyer. According to Bloomberg, are alone to flow in compensation for the buyer more than $ 10 billion – up to $ 10,000 per car owners.
How VW wants
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The Enlightenment
More than half a year VW exhaust scandal and a key issue is further clarified: who are the perpetrators of fraud, has plunged the largest carmaker in Europe in the most serious crisis of its history Group? The mighty VW supervisory board, the US law firm Jones Day commissioned in response thereto in October with an extensive investigation to solve the case. Until the end of April, a first intermediate report should be presented. This Volkswagen has now shifted indefinitely – a publication before the agreement with the US authorities could weaken the bargaining position, so the reasoning. The final report will follow by the end of the year.
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Why is the investigation so important?
VW has to show that the group makes the affair manipulated emission tests seriously and is covered up anything in the workup. The company has indeed admitted wrongdoing, but repeatedly attracted with relativizations the displeasure of the US investigators to be. Initially the exhaust fraud was referred to as “irregularity”, in January turned CEO Matthias Müller scandal – internally dismissed as “diesel Themes” – then as a “technical problem” is and caused quite indignation. With a relentless elucidation by Jones Day VW could agree that because of possible criminal offenses investigating US Attorney mild.
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What are the goals of the Group pursues else?
VW is also likely to have a strong vested interest to make the culprit. It is next to high legal costs to the question whether the manipulations are the work of a small group or a corporate culture which was inclined toward unscrupulous trickery. The subscribed by US plaintiffs image of a conspiracy to the board room up the group denies vehemently. The investigation is now to supply evidence. VW believes it can largely trace the origin of the Diesel debacle. The Group does not expect a single error, but of a chain of errors. However, if you’re hoping to concrete names of responsible persons likely to be disappointed.
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Why there are no names in the report?
Volkswagen needs to protect the privacy rights of the persons concerned. Only when in a next step, the prosecutor would initiate investigation, the name could also be publicly named. However, this would also incumbent on the Authority. In the end, therefore, likely more of a chronology of events are, in the nicety processes are noted, which ended in the biggest scandal of the Group’s history. Nevertheless, the aim of Jones Day to clarify the facts in the legal sense. The findings must be not only plausible and coherent, but also in court. Therefore, the subjects were questioned by the investigators and their statements recorded.
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How did the Enlightenment at Volkswagen from?
on the Enlightenment around 450 internal and external experts are involved. The investigations are carried out in a two-part process: The internal audit, were contracted for experts from various Group companies to a Task Force. It focuses on behalf of the Supervisory Board and on the examination of relevant processes, to reporting and control systems and the accompanying infrastructure. Their findings, the revision of the external experts of Jones Day available. The firm leads, inter alia, forensic investigations and is thereby operationally supported by accountants Deloitte.
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What was as studied?
The external investigators must sift huge quantities of data. According to Volkswagen 102 terabytes were secured. This corresponds to the equivalent of about 50 million books. More than 1500 electronic volume of around 380 employees were collected for. Since no one can read this amount of data, it must be illuminated with search engines. One problem was that the parties for correspondence about the manipulation only code words used – about “Acoustic Software” for the “defeat device”. Subjects like the scandal central concepts “NOx” or “nitrogen oxides” were taboo. What is the mass of data is illustrated by a comparison with the “Panama Papers”, which currently make headlines. They include 2.6 terabytes. More than 400 journalists took one year for the analysis.
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What have those ? brought audits at other companies
Whether ignition scandal at Opel’s parent General Motors (GM) or airbag debacle at Japanese supplier Takata: After the affirmation “, entirely cooperation “with the authorities, the internal investigation by known firms is almost always the next step, if it is critical for large corporations. Equally widespread as the practice itself, however, is also the criticism that this is more of a strategic alibi instrument of crisis management acts as a real commitment to resolute uncover maladministration. The deadly mishaps series of GM and Takata the cover-up allegations despite investigations remained by external auditors.
In addition, would $ 2.7 billion penalties of US environmental authorities EPA and CARB, and a further 2 billion dollars that would put VW in technologies for emission reduction. A further comparison with several US states would cost an additional 400 million dollars.
Volkswagen had admitted in September 2015 in accordance with allegations of US Environmental Protection Agency EPA, in a big way to have tricked in emission tests. Overall, VW has (currently 17.6 billion US dollars) completed just over 16 billion euros for the costs resulting from gas-tampering – this involves not only the problems in the US, are eleven million cars affected worldwide
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