• 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goes on to say that the firm has been confounded by engineers using code words to describe the illegal software and outdated computer systems.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


      Report Article
    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

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

    Loading...



  • Popular Stories

  • Today's Birthdays

    1. §carlet §wordfish
      §carlet §wordfish
      (27 years old)
  • Similar Content

    • By William Maley
      Volkswagen of America Reports November 2016 Sales Results
      Dec 1, 2016
      November sales totaled 29,672 units, an increase of 24.2 percent over November 2015 Tiguan sales totaled 4,516 units, an increase of 15.6 percent over November 2015 Passat sales totaled 6,441 units, an increase of 133.5 percent over November 2015 Golf SportWagen sales (which includes the  all-new Alltrack) totaled 2,174 units, an increase of 246 percent over November 2015 Herndon, VA — (December 1, 2016) Volkswagen of America, Inc. (VWoA) today reported sales of 29,672 units delivered in November 2016. Sales of the Golf SportWagen, which include the all-new Alltrack, increased by more than 200% over November 2015.
      November 2016 Sales
        November 16
      November 15
      Yr/Yr% change
      November  16
      YTD
      November  15
      YTD
      Yr/Yr%
      change
      Golf
                  1,340
                      774
      73.1%
                11,894
                18,066
      -34.2%
      GTI
                  2,216
                   1,963
      12.9%
                21,157
                21,300
      -0.7%
      Golf R
                     449
                      273
      64.5%
                  3,947
                  3,492
      13.0%
      e-Golf
                     305
                      472
      -35.4%
                  3,494
                  3,623
      -3.6%
      Golf SportWagen
                  2,174
                      628
      246.2%
                12,227
                13,112
      -6.7%
      Total Golf Family
                  6,484
                      4,110
      57.8%
                52,719
                59,593
      -11.5%
      Jetta Sedan
                10,212
                 11,021
      -7.3%
              108,023
              114,365
      -5.5%
      Jetta SportWagen       
      (now Golf SportWagen)
                        -  
                          1
      n/a
                         5
                  2,671
      -99.8%
      Total Jetta
                   10,212
      11,022
      -7.3%
      108,028
                117,036
      -7.7%
      Beetle Coupe
                     915
                      571
      60.2%
                  8,738
                12,067
      -27.6%
      Beetle Convertible
                     488
                      440
      10.9%
                  5,333
                  9,289
      -42.6%
      Total Beetle
                     1,403
                      1,011
      38.8%
      14,071
                  21,356
      -34.1%
      Eos*
                        -  
                      201
      n/a
                     387
                  2,751
      -85.9%
      Passat
                  6,441
                   2,759
      133.5%
                65,761
                74,611
      -11.9%
      CC
                     268
                      475
      -43.6%
                  2,863
                  5,643
      -49.3%
      Tiguan
                  4,516
                   3,907
      15.6%
                38,063
                30,943
      23.0%
      Touareg
                     348
                      397
      -12.3%
                  3,827
                  6,551
      -41.6%
      TOTAL
                     29,672
                      23,882
      24.24%
                  285,719
                  318,484
      -10.29%
      *Eos production ended in July 2015
    • By William Maley
      Volkswagen and U.S. Government were going to have a hearing at U.S. Federal Court in San Francisco today for an update on the 3.0L TDI talks. But yesterday, U.S. District Judge Charles Breyer has pushed it back to next month.
      Reuters got their hands on a court order in which Breyer says "negotiations are continuing between the German automaker, regulators, and lawyers representing owners," and a delay "may produce a resolution of the outstanding issues."
      As we reported earlier this month, Volkswagen and regulators have possibly reached a deal for the 3.0L TDI with 60,000 of the affected vehicles being fixed, and the other 20,000 being bought back. There are still a number of issues that need to be worked out, hence the delay.
      Source: Reuters

      View full article
    • By William Maley
      Volkswagen and U.S. Government were going to have a hearing at U.S. Federal Court in San Francisco today for an update on the 3.0L TDI talks. But yesterday, U.S. District Judge Charles Breyer has pushed it back to next month.
      Reuters got their hands on a court order in which Breyer says "negotiations are continuing between the German automaker, regulators, and lawyers representing owners," and a delay "may produce a resolution of the outstanding issues."
      As we reported earlier this month, Volkswagen and regulators have possibly reached a deal for the 3.0L TDI with 60,000 of the affected vehicles being fixed, and the other 20,000 being bought back. There are still a number of issues that need to be worked out, hence the delay.
      Source: Reuters
  • Recent Status Updates

  • Who's Online (See full list)