According to foreign media reports, the Norwegian sovereign wealth fund, the world's largest sovereign wealth fund, will file a lawsuit against Volkswagen AG to recover its investment losses due to the public emission test fraud scandal. This shows that Volkswagen’s spending on emissions detection fraud scandals may continue to climb. Aluminum Spacer Bar Bending Machine
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The British "Financial Times" reported on the 15th that the Norwegian sovereign wealth fund will join the lawsuit on the Volkswagen emissions fraud in a few weeks, the lawsuit will be filed in Germany. According to Reuters, the Norwegian Bank Investment Management Fund, the management of the Norwegian sovereign wealth fund, said in a statement that it has heard legal opinions and believes that the public’s actions have caused it to suffer losses. According to German law, it can file a lawsuit claim as an investor. It is the responsibility to protect the investment in the public equity held by the fund.
The Norwegian Sovereign Wealth Fund is one of Volkswagen's largest shareholders. It has previously said that Volkswagen's stock price plummeted after exposure to the emissions test scandal, causing it to lose 4.9 billion kronor (about 610 million US dollars) in the second quarter of last year.
Volkswagen admitted in September last year that it installed software to help discharge test data on approximately 11 million diesel vehicles around the world. In fact, vehicles have tens of times more toxic gases.
After the scandal was exposed, Volkswagen’s share price once shrank by nearly a third, causing investors to suffer losses. At present, many Volkswagen shareholders have initiated claims against them. In addition, many dissatisfied consumers are also claiming through legal channels. Volkswagen is currently facing surveys from various national regulators in Europe, America and Asia. Volkswagen has allocated about 16.2 billion euros (about $19 billion) for litigation and recalls related to emissions testing fraud. This also caused Volkswagen to experience its first annual loss since 1993 in 2015.
Last month, Volkswagen reached a principled agreement with the US Department of Justice, the US Environmental Protection Agency, and the California Air Resources Board to resolve the diesel fuel exhaust "emission door" incident. Specific measures are expected to be introduced in June.
The Norwegian Sovereign Wealth Fund is the world's largest sovereign wealth fund, managing more than $860 billion in assets and holding more than 9,000 companies. It is reported that the value of the stock held by the fund accounts for about 1.3% of the global market value of the company, so its trend has an important reference for many investors.
Since the middle of 2014, the international oil price plummeting has caused the oil company's share price to shrink sharply. This also caused a huge loss to the Norwegian wealth sovereign fund. The fund is currently in the midst of a similar recovery suit against many of the world's largest oil companies.