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VW says complete investigation of emissions scandal will take several months; suspending General Meeting in November; report on solutions next week

In a statement issued following its meeting on 30 September the Executive Committee of Volkswagen AG’s Supervisory Board said that it has concluded that the completion of investigations into the emissions testing scandal will take at least several months.

For this reason, the Executive Committee will propose to the Supervisory Board that the Extraordinary General Meeting scheduled for 9 November should not be held. The Executive Committee Members all agreed that, in view of the time available and the matters to be considered, it would not be realistic to provide well-founded answers which would fulfill the shareholder’s justified expectations.

The Executive Committee believes that the capacity of employees available to the company is currently fully required for the clarification of these matters and for the mitigation of the issues. This work should, the Committee said, not be impaired by the parallel preparation of an Extraordinary General Meeting.

The Committee also said that Volkswagen will nevertheless report to the shareholders on all relevant topics in the near future and at regular intervals. The Board of Management will inform the public in regard to solutions found for the problems next week.

Under the guidance of the Supervisory Board, the external investigation is being conducted by the US law firm Jones Day. The investigation is intended to cover all the current relevant matters, according to the Board. Jones Day will submit regular reports to the Supervisory Board on progress with the investigation.

The committee will be chaired by Berthold Huber, the acting Chairman of the Supervisory Board, and will include Volkswagen Supervisory Board Members Babette Fröhlich, Olaf Lies, Oliver Porsche and Bernd Osterloh. The committee will regularly report to the Supervisory Board. In addition to Jones Day, the committee will be able to call upon additional external consultants and experts at any time.

Comments

Brotherkenny4

Instead of fines the should require VW to build a million EVs.

Brotherkenny4

They (German Government etc.)

HarveyD

Recent tests carried out in England by independent firm concluded that pollutants emitted on real road tests from diesel and gasoline vehicles are 4+ times higher than claimed by most if not all manufacturers and fuel consumption is up to 50% higher in many cases.

In other words, we have been had for decades and VW is most probably not the only culprit. Time will tell which manufacturer has been cheating the most.

Testing may have to be taken out of manufacturers' hands and done by government authorities or fully independent qualified testers?

clett

I just realised something. It wasn't VW that wrote the cheat software. It was Bosch. They gave the rolling road detection software and map to VW, together with a letter saying effectively "for research only", to cover themselves.

But how many other manufacturers use Bosch diesel injection systems and software? Lots I think. Maybe even most.

Surely the same code would have been made available to the other manufacturers too? If so, it might have been quite tempting to use it in their vehicles too.

I guess the question we ought to be asking is, how many other manufacturers have Bosch code of that era running their diesel engines?

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