VW do not fret too much to find the root of the scandal, investor says image

Some investors are not happy at all with Volkswagen’s pace of finding out what triggered the emissions scandal, urging the automaker to speed up its efforts in this direction.

Even if five months have passed since the Europe’s biggest automaker was found cheating on the emissions tests, there are not many clues about the roots of the scandal so far. It seems that Volkswagen did not bother too much to give explanations to its shareholders and made little efforts to win back their trust. Furthermore, Volkswagen CEO Matthias Mueller recently said the German carmaker would eventually win back the customers and this year would be a good one for its sales numbers, despite the diesel scandal. Therefore, there is not much to mend. But there are still some voices among its shareholders that are asking the company to step in front and give some answers. “Are we content with the crisis management at VW? No, not at all,” Union Asset Management’s Chief Investment Officer and executive board member Jens Wilhelm said, citing a lack of transparency and the way VW was investigating the scandal. “Volkswagen needs more independence on the supervisory board to win back trust with investors,” he added.

The automaker’s internal inquiry found so far that only a small group of employees were responsible for manipulating the US diesel emissions tests, adding that there was no indication that the management board members had been involved. However, according to Reuters, a high-ranking employee warned senior Volkswagen managers in May 2014 that US regulators might examine car engine software as part of an investigation into pollution levels, raising again questions about how much the company’s top managers knew about the cheating scheme.

Via Reuters

  • Bob Sackimanow II

    Typical attitude of most German business managers, arrogance and stubborness. And the German government gives them a free pass.