In a letter addressed to the German Federal Minister of Economy and Energy, the Foundation expresses its disappointment regarding the absence of an answer to the letter sent to the Federal Minister in April 2017.
As a reminder, the Stichting Volkswagen Investors Claim represents German and international investors (shareholders and bondholders of VW), who in turn represent an investment volume of nearly € 13 billion, who have suffered material damage from the Volkswagen scandal.
The Foundation was created under the Dutch Law in order to obtain a settlement out of court which would compensate for the losses incurred by investors. In a letter sent in April 2017, the Foundation requested the support of the Federal Minister and raised its concerns regarding the way VW looks to compensate the losses of investors, pointing out that the payout has so far already expended more than four times the annual Group profit of 2016.
The Foundation calls for a non-judicial solution and consensual action in Europe and warns the Federal Government that the multiplication of judicial procedures (which will take at least 10 to 15 years) will entail major judicial costs.
In a letter sent to the Federal Minister on the 16th of June 2017, Henning Wegener, Chairman of the board of the Foundation, reminded that the multiplication of public investigations and law suits in Europe will contribute to damaging the brand and image of the VW Group as well as harm profitability.
Read the letters sent to the Federal Minister here