Statement by Volkswagen AG per a standing of a extensive review in tie with a diesel matter

Posted on 22. Apr, 2016 by in Volkswagen Canada

At a finish of Sep 2015, a Supervisory Board of Volkswagen Aktiengesellschaft reserved law organisation Jones Day with a endless hearing in tie with a diesel matter. This hearing is already distant modernized and is being followed intensely. For this purpose, approximately 65 million papers were submitted for electronic review, of that some-more than 10 million were forwarded for hearing by Volkswagen’s lawyers. Around 450 interviews have also been conducted about a diesel matter; dozens of additional interviews are planned. Based on a stream assessment, Jones Day expects a hearing to interpretation in a fourth entertain of 2016.

After a consummate hearing of a authorised situation, a Supervisory Board and a Management Board of Volkswagen have but had to commend that a avowal of halt formula of a hearing during this indicate in time would benefaction unsuitable risks for Volkswagen and, therefore, can't take place now. This preference is formed on a criticism of a U.S. law firms defended by Volkswagen (Sullivan Cromwell and Jones Day), that have both strongly suggested opposite such a avowal exclusively of any other.

Volkswagen regrets that it has had to pierce divided from a strange devise to divulge halt formula of a hearing by a finish of April. The reasons distortion in a following developments in record involving Volkswagen in tie with a diesel matter in a United States:

• Volkswagen’s formidable negotiations with a vast series of parties in a United States (including private plaintiffs and mixed U.S. regulators, including a Environmental Protection Agency (EPA), a California Air Resources Board (CARB), a Federal Trade Commission, a Attorneys General of any of a 50 states, and, in particular, a U.S. Department of Justice) have entered a wilful proviso earlier than expected and need Volkswagen to say a top grade of confidentiality. The endless and trusted inlet of these negotiations and Volkswagen’s team-work with a Department of Justice shorten Volkswagen´s ability to criticism serve on indispensably indeterminate formula of a stability investigation.

• The serve avowal or characterization of halt results, that are now available, would expected influence a rest of a hearing during this time, in sold since people who have nonetheless to be questioned could align their statements with a essence of a halt report.

• In counsel’s view, a avowal would also significantly deteriorate Volkswagen’s team-work with a Department of Justice and break Volkswagen’s position in any remaining proceedings.

• In counsel’s view, such avowal could also jeopardise a credit that Volkswagen might design to accept in a eventuality of a full team-work with a Department of Justice. According to Volkswagen’s authorised advisers, this could have really estimable disastrous financial consequences.

lf a full allotment can be achieved with a Department of Justice, a Supervisory Board and a Management Board now design that a minute matter of a contribution of this matter will be done open in a U.S. during that time. This is since a allotment of a rapist hearing with a Department of Justice is entirely accompanied by a minute matter of facts, concluded to by a parties.

Volkswagen categorically regrets that it is not means to tell halt formula by a finish of Apr as primarily planned. However, due to a reasons summarized above, a Management Board and a Supervisory Board see themselves forced to refrain from a avowal in a seductiveness of a company.

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