• Sign in to follow this  
    Followers 0

    As the Diesel Emits: Volkswagen Decides Not To Talk About the Preliminary Findings of The Investigation


    • Volkswagen revealing the preliminary results of the internal investigation this month; yeah about that...


    Volkswagen was planning to release the preliminary findings of its internal investigation into the diesel emission scandal this month. But now, the company has scrapped those plans. In a statement, the German automaker cites strong objections from their lawyers and “unacceptable risks” to the company.

     

    But there might be more this than what Volkswagen is saying. Last week, Volkswagen finally reached a deal with the U.S. Government over the emission mess. By releasing the results, it might put Volkswagen in a difficult sport.

     

    “Publishing such a preliminary report would not only endanger the complex and confidential settlement talks [with authorities and plaintiffs], it would also have a negative effect on ongoing investigations as individuals who have yet to be questioned could align their statements with the contents of the report. We must avoid this,” said Volkswagen board director Wolfgang Porsche to reporters in Wolfsburg.

     

    It isn't being helped that the investigation has hit a few bumps in the road. According to Automotive News, the Jones Day law firm - hired by Volkswagen to do the investigation - have so far failed define key points of the scandal. Bloomberg goes on to say that the firm has been confounded by engineers using code words to describe the illegal software and outdated computer systems.

     

    The final investigation report is not expected until the fourth quarter of the fourth year.
    Source: Automotive News (Subscription Required), Bloomberg, Volkswagen

     

    Press Release is on Page 2


     


    Statement by Volkswagen AG regarding the status of the comprehensive investigation in connection with the diesel matter

     

    At the end of September 2015, the Supervisory Board of Volkswagen Aktiengesellschaft assigned law firm Jones Day with a comprehensive investigation in connection with the diesel matter. This investigation is already far advanced and is being pursued intensely. For this purpose, approximately 65 million documents were submitted for electronic review, of which more than 10 million were forwarded for review by Volkswagen's lawyers. Around 450 interviews have also been conducted about the diesel matter; dozens of additional interviews are planned. Based on the current assessment, Jones Day expects the investigation to conclude in the fourth quarter of 2016.

     

    After a thorough examination of the legal situation, the Supervisory Board and the Management Board of Volkswagen have nevertheless had to recognize that a disclosure of interim results of the investigation at this point in time would present unacceptable risks for Volkswagen and, therefore, cannot take place now. This decision is based on the assessment of the U.S. law firms retained by Volkswagen (Sullivan & Cromwell and Jones Day), which have both strongly advised against such a disclosure independently of each other.

     

    Volkswagen regrets that it has had to move away from the original plan to disclose interim results of the investigation by the end of April. The reasons lie in the following developments in proceedings involving Volkswagen in connection with the diesel matter in the United States:

     

    Volkswagen's complex negotiations with a large number of parties in the United States (including private plaintiffs and multiple U.S. regulators, including the Environmental Protection Agency (EPA), the California Air Resources Board (CARB), the Federal Trade Commission, the Attorneys General of each of the 50 states, and, in particular, the U.S. Department of Justice) have entered a decisive phase sooner than anticipated and require Volkswagen to maintain the highest degree of confidentiality. The extensive and confidential nature of these negotiations and Volkswagen's cooperation with the Department of Justice restrict Volkswagen´s ability to comment further on necessarily tentative results of the continuing investigation.

     

    The further disclosure or characterization of interim results, which are currently available, would likely prejudice the rest of the investigation at this time, in particular because individuals who have yet to be questioned could align their statements with the contents of the interim report.

     

    In counsel's view, a disclosure would also significantly impair Volkswagen's cooperation with the Department of Justice and weaken Volkswagen's position in any remaining proceedings.

     

    In counsel's view, such disclosure could also jeopardize the credit that Volkswagen may expect to receive in the event of its full cooperation with the Department of Justice. According to Volkswagen's legal advisers, this could have very substantial negative financial consequences.
    lf a full settlement can be achieved with the Department of Justice, the Supervisory Board and the Management Board currently expect that a detailed statement of the facts of this matter will be made public in the U.S. at that time. This is because the settlement of a criminal investigation with the Department of Justice is customarily accompanied by a detailed statement of facts, agreed to by the parties.

     

    Volkswagen explicitly regrets that it is not able to publish interim results by the end of April as initially planned. However, due to the reasons outlined above, the Management Board and the Supervisory Board see themselves forced to refrain from a disclosure in the interest of the company.

    0


    Sign in to follow this  
    Followers 0


    User Feedback


    At this point, the report would probably increase the criminal investigations and fines and really bankrupt VW. So for them at this point, better to buy back the cheating crap and destroy it and move on.

     

    Still like to know how much they will pay for buying back the auto's and if the CEO really knew as little as he claims. I find this hard to believe.

    0

    Share this comment


    Link to comment
    Share on other sites


    Your content will need to be approved by a moderator

    Guest
    You are commenting as a guest. If you have an account, please sign in.
    Add a comment...

    ×   You have pasted content with formatting.   Remove formatting

      Only 75 emoticons maximum are allowed.

    ×   Your link has been automatically embedded.   Display as a link instead

    ×   Your previous content has been restored.   Clear editor




  • Popular Stories

  • Today's Birthdays

    1. 94commo
      94commo
      (50 years old)
    2. Aerodynamic
      Aerodynamic
      (30 years old)
    3. LPE427Fbird
      LPE427Fbird
      (42 years old)
  • Similar Content

    • By William Maley
      One question that we have found ourselves wondering is who blew the whistle on the software cheat Volkswagen was using on their TDI models. A new book says it was someone at Volkswagen of America.
      Automotive News got their hands on Faster, Higher, Farther: The Volkswagen Scandal by New York Times reporter Jack Ewing. In the book, Ewing reveals that the head of VW’s Engineering and Environmental Office in the U.S., Stuart Johnson revealed the existence of the cheat to federal authorities. Johnson was the primary contact for the various regulation agencies in the U.S. and would be one of the people on the front lines when the scandal unfolded.
      In the book, CARB deputy executive director Alberto Ayala named Johnson as the person who revealed the existence of Volkswagen's illegal software. This revelation took place prior to a key meeting between CARB and Volkswagen on August 19, 2015. By revealing this information, Johnson was violating orders given by VW's higher ups. This meeting is mentioned in the federal indictment of Oliver Schmidt, a former VW executive who is facing 11 federal charges dealing with the scandal. Johnson is mentioned in the indictment as “Cooperating Witness 1.”
      The indictment also states the witness “has agreed to cooperate with the government’s investigation in exchange for an agreement that the government will not prosecute CW1 in the United States.”
      Source: Automotive News (Subscription Required)

      View full article
    • By William Maley
      One question that we have found ourselves wondering is who blew the whistle on the software cheat Volkswagen was using on their TDI models. A new book says it was someone at Volkswagen of America.
      Automotive News got their hands on Faster, Higher, Farther: The Volkswagen Scandal by New York Times reporter Jack Ewing. In the book, Ewing reveals that the head of VW’s Engineering and Environmental Office in the U.S., Stuart Johnson revealed the existence of the cheat to federal authorities. Johnson was the primary contact for the various regulation agencies in the U.S. and would be one of the people on the front lines when the scandal unfolded.
      In the book, CARB deputy executive director Alberto Ayala named Johnson as the person who revealed the existence of Volkswagen's illegal software. This revelation took place prior to a key meeting between CARB and Volkswagen on August 19, 2015. By revealing this information, Johnson was violating orders given by VW's higher ups. This meeting is mentioned in the federal indictment of Oliver Schmidt, a former VW executive who is facing 11 federal charges dealing with the scandal. Johnson is mentioned in the indictment as “Cooperating Witness 1.”
      The indictment also states the witness “has agreed to cooperate with the government’s investigation in exchange for an agreement that the government will not prosecute CW1 in the United States.”
      Source: Automotive News (Subscription Required)
    • By William Maley
      If the Volkswagen diesel emission scandal hasn't swayed you from wanting one, then you'll be happy to hear Volkswagen will once again be able to sell brand-new 2015 model year TDI models. Green Car Reports says near 11,000 TDI models will soon be back up for sale once they are updated with new software, making them legal.
      Volkswagen does caution those interested in picking up a new TDI to call their nearest dealership to see if they have any in stock.
      But that's not all. Volkswagen is offering some massive discounts on these models. CarsDirect reports that Volkswagen is offering 0% APR for up to 72 months and $5,000 cash bonus if you decide to buy. Interested in leasing one? Volkswagen will offer a cash bonus of $8,500. 
      There are a couple of caveats to this offer. First, you need to have an excellent credit history to qualify for either offer. Second is that Volkswagen isn't advertising this offer.
      "We will not be advertising the available incentives from our financing arm as they [sic] vehicle availability will vary per dealership," said Volkswagen spokeswoman Jeannine Ginivan.
      Source: Green Car Reports, CarsDirect

      View full article
  • Recent Status Updates

  • Who's Online (See full list)