Oil Fund goes to lawsuit against Volkswagen – NRK

– We have received advice from our lawyers about the company’s behavior allows for legal requirements under German law. As an investor, it is our responsibility to safeguard the fund’s stake in Volkswagen, said investment director Petter Johnsen at Norges Bank Investment Management said.

The German carmaker is already facing a number of lawsuits from shareholders who are demanding compensation following the sharp price drop scandal has led to. Also vehicle owners have sued VW.

Volkswagen scandal

• 18. September it was announced that the US Environmental Protection Agency EPA has determined that Volkswagen has installed software in their diesel vehicles that show falsely low emissions of harmful substances when the vehicles tested.
• 20. September admitted Volkswagen CEO Martin Winterkorn that he was made aware of the emissions cheated.
• Monday 22 September enlightened Volkswagen that 11 million cars sold worldwide, has software that preening emission data.
• the models confirmed affected, VW Jetta, VW Beetle, VW Golf and Audi A3 year 2009 to 2015 VW Passat 2014 to 2015. All 2.0 diesel engine.
• Monday and Tuesday, the value of Volkswagen equities by almost 37 percent, before rising slightly the following day.
• Wednesday afternoon drew Winterkorn as CEO.
• the environmental authorities in the United States has announced a fine of up to 150 billion for cheated more than Volkswagen’s total operating profit last year.
• ØKOKRIM has opened an investigation to clarify whether something straffbarthar happened in Norway and the fraud has had some impact on imported cars.

(Source: NTB )

Ownership

Industry giant has earmarked 16.2 billion euros (about 150 billion) to cover possible fines, lawsuits and costs of the recall of cars, reports AFP.

VW had last year post its first loss since 1993.

Oil Fund has previously criticized the ownership structure of Volkswagen. The Fund owns 1.64 percent of the company’s common stock, according to Bloomberg, a shareholding as at the end of last year was worth $ 750 million.

Gigant Requirements

In March delivered almost 278 institutional investors subpoena of the company, claiming compensation of 3.25 billion euros, equivalent to around 30 billion.

German insurers and US pension funds were among the plaintiffs, according to Reuters.

Oil Fund is, according to the Financial Times wary of VW’s management claim that employees who acted without clearance from above, developed the software that was designed to trick emissions tests.

– VW management should have known about the means to manipulate the engines, says Johnsen.