VW delays shareholder meet, results over emissions probe

GMT 10:20 2016 Monday ,08 February

Arab Today, arab today VW delays shareholder meet, results over emissions probe

Embattled German auto giant Volkswagen
Frankfurt - AFP

Embattled German auto giant Volkswagen said Friday it would postpone publishing its 2015 annual results, as well as its shareholder meeting due to an ongoing probe into a global emissions-cheating scandal.

The annual earnings news conference had been scheduled for March 10 and the shareholders' annual general meeting (AGM) for April 21, but new dates for both events "will be announced as soon as possible," VW said in a short statement.

The carmaker will "set a new date for the publication of the annual accounts for fiscal year 2015 due to remaining open questions and the resulting valuation calculations relating to the diesel emissions issue," it said.

The reasoning behind the postponements is to "achieve the best possible transparent and reliable outcome for its shareholders and stakeholders," the carmaker added.

VW is currently engulfed in the deepest crisis in its history after it was forced to admit last September that it installed so-called "defeat device" software into 11 million diesel engines worldwide.

The sophisticated software skews the emissions data during regulatory testing. The revelation sent shockwaves across the automobile sector around the world, appears to be hurting VW sales and could cost the former paragon of German industry untold billions in regulatory and legal fines.

Nevertheless, VW insisted Friday that group operating profits were expected to hold steady "within the expected range for fiscal year 2015."

The carmaker also said a report following its own internal investigation into the emissions affair would not be affected by the delays.

"The timing of the report clarifying the background and responsibilities connected to the diesel emission issue is not affected by this decision.

"Volkswagen is sticking to the timing and plans to publish the findings in the second half of April," it said.


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