Volkswagen admits violations eco-standards, collapses on the stock exchange – ANSA.it

BERLIN – Volkswagen admits to violating the anti-smog standards in the US and the title sinking stock market, losing up to 22% on the list of Frankfurt. It is the collapse of the strongest ever recorded since 2008, and the cost for members of the German car giant to finish is 12.9 billion. A dramatic day on the stock market that reflects well the ‘trauma’ national and ending before the rumors that they want the US are prepared to initiate a criminal prosecution against the group of Wolfsburg. There are many Germans stunned, learning of this blatant breaches of the rules. After a day of VW ordinary shares have lost 17.14% to EUR 133.7, while the privileged 18.6% to EUR 132.2. 76.4 billion from last Friday’s market capitalization has fallen to 63.33 billion. The collapse comes in the aftermath of the mea culpa of the company’s Wolfsburg, who confirmed that he had used a sophisticated software to circumvent the anti-smog emissions data in the US market: just the weak link of the excellent performance of the brand. Last night the apology of the ad Martin Winterkorn, who again – after having survived the war of power with the patron Ferdinand Piech – is likely to lose his job: “I am personally sorry that it had disappointed the trust of our clients and of ‘public – he said -. For the board of directors and for me personally these events have the highest priority. Vw does not allow violations of rules and laws of any kind. We work with the competent institutions in order to clarify in the most transparent fast and comprehensively as possible the facts. “

And tomorrow the German giant will gather in the emergency supervisory board to decide the line to hold. Indignation is general though: the White House said he was “quite concerned” about the actions of the group. And while the German government would not comment, Consumers Network in Italy has already announced a class action and Codacons said he was ready to take collective action and damage claims billionaire, if anomalies be encountered on the Italian market. A theoretical calculation – based on the figures available – Spiegel on line then leads to the conclusion that VW may have to pay up to $ 18 billion of sanctions (if you follow the criterion of having to pay $ 37,500 for each car sold). The cooperation shown by Winterkorn, however, should greatly reduce the amount, according to some analysts VW may have to pay $ 1 billion.

It is clear that the emergence of these violations again puts at risk the fate Winterkorn, who according to some German observers should submit his resignation: whether he was aware of what was happening or not; in both cases, these are good reasons to take a step back. But there are those who believe that the work of Winterkorn has been so important for the German that you will give the chance to clarify any liability. The scandal comes just a few months by the efforts of the former president of the supervisory board Ferdinand Piech to take out to the Vw. Piech resigned last April decreeing the victory of the powerful top managers.

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