Economy
Tuesday, August 02, 2016
This Tuesday it comes knüppeldick for Volkswagen: According to new figures, sales of VW models goes back. In South Korea, dozens of models may no longer be sold. And Bayern goes to court. However, this aroused sharp criticism.
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Bayern will sue for damages due to the effects of diesel Volkswagen scandal. They concern the share price losses which arose the Bavarian pension fund, said the Bavarian Finance Minister Markus Söder, Nuremberg. Bavaria is the first state to announce a lawsuit in the wake of exhaust affair. Volkswagen did not comment on it.
However, Baden-Württemberg is now reviewing an action against VW. That said a spokeswoman for the Stuttgart Treasury the “Heilbronner Stimme”. An official and a judge pension fund in the country have thus above about 64,600 VW preference shares. What would be the claim of the State for damages, the spokeswoman did not say.
Like other applicant VW investors goes Bayern assume that VW has informed too late about the risks of the exhaust-fraud. Volkswagen had previously rejected all investor claims as unfounded and stressed that they had properly fulfilled all reporting obligations. Unlike other, partly billionaire investor claims at issue in the case Bayern comparatively little money: The damage from the VW-rate losses in the pension pot, the Bayern wishes to invoke as employer of his officers in court, not even located in the millions
Sharp criticism of the Greens
This is a political signal. “Bayern must sue Volkswagen,” said CSU politician Söder. “The Pension Fund will file an action for damages in September before the Landgericht Braunschweig.” Söder continued, “We are also legally in the commitment of our employees.” Background of the present action, the loss in value of VW shares, after the scandal broke in September. Meanwhile, the VW preference shares had lost more than 40 percent of its value.
Bayern held in its multibillion-dollar fund in September 2015 approximately 58,000 VW preference shares. Söder says: “… The breach notification obligations on the part of VW, the Bavarian Pension Fund suffered a price difference damage we want the money back have of VW concrete example would be a maximum of 700,000 euros”
criticize the Greens at the federal level to Bavarian thrust sharply: “Instead of damages actions for Bayern, we expect that the ruling CSU in Berlin finally makes their work and the interests of the environment, climate and consumer protection,” said Green party Vice Oliver Krischer. Million VW drivers hoped for months in vain for support from the Federal Transport Minister Alexander Dobrindt of the CSU to obtain adequate compensation as in the US. Meanwhile try Söder, “get feathered his own nest,” Krischer said.
“Who buys shares, must live with the risk ‘
The action of Bavaria also sets Niedersachsen as VW place of birth under pressure: the State with its coalition of the SPD and Greens to the extended family Porsche / Piëch second largest shareholder in VW, is on the board of the car manufacturer, where it holds a veto. Also for Lower Saxony was the pros and cons of an action already on the agenda. But even after the lawsuit announcement Bavaria against the carmaker it sees no need for a separate legal steps.
“As we wait and see what the prosecutors are doing”, said Lower Saxony Finance Minister Peter-Jürgen Schneider of the SPD. A warning from Bavaria he did not get: “I have learned from the press.” The Braunschweig public prosecutor is still examining whether VW during the exhaust scandal injured notification obligations and investigation for market manipulation in June against former VW boss Martin Winterkorn and the reigning Volkswagen boss Herbert Diess.
Schneider stressed Niedersachsen review the situation other than Bayern. First of all, understand the country as a strategic investor in VW. “We buy and sell any VW shares.” Every fifth job the global corporation with its more than 600 000 employees accounted for Lower Saxony. Looking to Bavaria Schneider emphasized: “Those who buy shares, must live with the risk.” Anders supported the case was in a potential violation of the notification requirements for VW. “That we do not know yet. The examined the prosecutor at the time, and the result we wait also,” Schneider said.
Bund plans no action
In Germany, Volkswagen is already with various damages faced, walking together in the billions. The plaintive institutional investors are about a subsidiary of Allianz and many foreign investors. The collar on the other hand does not plan legal action against VW modeled Bavaria. There is no intention to action, said a spokesman for the German Finance Ministry. The federal government has a provident fund, which may invest up to ten percent in shares for its employees. The investment assumes the Bundesbank. Investments are therefore not in individual stocks, but in index funds -. So also in the Dax, is listed in the VW
Schleswig-Holstein, Hamburg, Mecklenburg-Vorpommern, Berlin Thuringia, Saxony and Rhineland-Palatinate want also not complain, either, because you hold no shares of VW or only indirectly. Saxony-Anhalt is currently examining the composition of its own plants, it said. For the other countries, there were no comments.
cessation of sales in South Korea
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A bad news reached the Group for the Far East: In South Korea, the Ministry of Environment has stopped the sale of 80 VW models. The manufacturer must also fined 17.8 billion won (14.3 million euros). The official admission ban was expected – it is a response to irregularities that have been found in documents relating to emissions and noise tests. The carmaker is accused of having embellished documents to obtain the approval for import cars. The company will draw all “available actions” against the ban on sales in whereas said a spokeswoman for Audi Volkswagen Korea in Seoul. This included legal action. “This is one of the most stringent sanctions which they could impose against us.”
The German car buyers show meanwhile Volkswagen increasingly cold shoulder. In July, the number of registrations of the mark, compared with the same month last year, down by 12.6 percent. In addition, as part of the exhaust gas scandal 7.3 percent less diesel passenger cars were registered, said the Federal Motor Vehicle Office. About all car makes and types of the VW group away there in July fell by 3.9 percent. Volkswagen is nevertheless with almost 20 percent remains the market leader
In the US, sales returns. In July 28,758 cars were sold in the US with the Volkswagen logo and thus 8.12 percent less than a year previously. In the first seven months of the year, VW sales decreased YoY by 13.6 percent to 177,772 pieces.
Source: n-tv.de
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