Dutch shareholders’ lobby VEB is to hold car makers Volkswagen liable for the drop in share value following the emissions scandal.
The VEB said on Friday that VW knew about the manipulation of emissions tests in the US and is therefore guilty of reprehensible behaviour, not only in respect of car buyers and governments, but also investors.
When the manipulation of emissions became known shares in VW fell 35%, losing around $26bn.
‘If Volkswagen had properly informed investors, they could have made a better-informed decision on whether to sell shares at a lower price or hold on to them,’ the VEB said in a press release.
The organisation has invited VW to hold talks on possible compensation for the damage caused to shareholders. ‘VW has until October 15 to respond,’ VEB director Paul Koster told the Financieele Dagblad.
Meanwhile, junior transport minister Wilma Mansveld said on Friday that Europe must make a quick end to the manipulation of emissions tests.
In order to ensure the tests are reliable, the Netherlands is immediately making recent test data available to other member countries and to the European commission.
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