Volkswagen AG (VOW), Europe’s largest carmaker Wednesday said Suzuki’s claims are unfounded. The German automaker expects a court decision somewhere in 2013.
Last November, Suzuki asked the London arm of the Paris-based International Court of Arbitration of the International Chamber of Commerce to order Volkswagen to retransfer the equity stake and pay damages.
Suzuki wants that the 19.89 percent interest of its shares controlled by Volkswagen should be retransferred in its possession.
The carmakers have been at odds since VW described the Japanese automaker as an “associate” in its 2010 annual report. Suzuki is prepared for the arbitration process to take as long as two years to complete, Executive Vice President Yasuhito Harayama said last November.
The Japanese company says it is due to Volkswagen not granting Suzuki access to what was originally agreed. Suzuki chairman Osamu Suzuki also said Volkswagen has “continued to refuse our attempts on numerous occasions to resolve these issues through negotiation”.