– We have received advice from our lawyers about the company’s behavior allows for legal requirements under German law. As an investor, it is our responsibility to safeguard the fund’s stake in Volkswagen, said investment director Petter Johnsen at Norges Bank Investment Management said.
The German carmaker is already facing a number of lawsuits from shareholders who are demanding compensation for the sharp price drop scandal thus obtained. Also vehicle owners have sued VW.
Ownership
Industrial giant has earmarked 16.2 billion euros (about 150 billion) to cover possible fines, lawsuits and costs of the recall of cars AFP reports. VW had last year post its first loss since 1993.
Oil Fund has previously criticized the ownership structure of Volkswagen. The Fund owns 1.64 percent of the company’s common stock, according to Bloomberg, a shareholding as at the end of last year was worth $ 750 million.
Gigant Requirements
In March delivered almost 278 institutional investors subpoena of the company, claiming compensation of 3.25 billion euros, equivalent to around 30 billion. German insurance companies and US pension funds were among the plaintiffs, according to Reuters.
Oil Fund is, according to the Financial Times wary of VW’s management claim that employees who acted without clearance from above, developed the software that was designed to trick emissions tests.
– VW management should have known about the means to manipulate the engines, says Johnsen.
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