• Germany's news in English
 
app_header_v3
Norway's sovereign wealth fund hits out at VW leadership
"I don't think that anyone genuinely believes that the family wants to change anything about the structure," Slyngstad said. Photo: NTB/Scanpix

Norway's sovereign wealth fund hits out at VW leadership

AFP · 7 Feb 2016, 12:41

Published: 07 Feb 2016 12:41 GMT+01:00

"This cannot be a role model for Germany," Slyngstad told the Sunday newspaper, Frankfurter Allgemeine Sonntagszeitung.

The Porsche and Piech families own 50.73 percent of VW's voting shares via the holding company Porsche Automobil Holding SE, but they own only 31.5 per cent of the company equity.

"I don't think that anyone genuinely believes that the family wants to change anything about the structure," Slyngstad told the newspaper.

"We as co-owners don't get the impression that the family wants to listen to us."

Norway's €734 billion ($819 billion) fund holds a stake of 1.2 percent in Volkswagen.

It previously criticised the German group's shareholder structure in 2009 following the VW-Porsche takeover battle.

The embattled auto giant is currently embroiled in its deepest-ever crisis after it was forced to admit that it had fitted 11 million diesel cars worldwide with software which intentionally skews the results of emissions tests.

On Friday, the company took the unusual step of delaying the publication of its annual results and pushed back its annual shareholder meeting as it grapples with assessing the full financial fallout from the scandal.

Separately, the star lawyer VW has hired to handle compensation claims in the United States told another Sunday newspaper that it might take some time yet before a deal is hammered out for owners of the affected vehicles in the US.

"My hands are tied as long as VW and the authorities don't overcome their differences. The original timeframe could be delayed," lawyer Kenneth Feinberg told Die Welt am Sonntag.

Feinberg is renowned as the go-to lawyer for high-profile legal cases.

He managed the compensation claims fund for General Motors related to the deadly ignition switches used in some of its cars.

Feinberg also managed similar funds for the victims of the September 11th, 2001, terror attacks and the massive oil spill in the Gulf of Mexico in 2010.

Story continues below…

Feinberg, who originally suggested when he was hired in December that it could take between 60 and 90 days to draw up a claims resolution programme, said all options were still on the table with regard to what form the compensation could take.

"It has not yet been decided. All options are still up for debate: cash payments, car buy-backs, repairs, or the provision of replacement cars," he said.

"It's immaterial to me what a company can afford. What is important for me is to find a solution that is generous enough to satisfy the affected customers," Feinberg said.

"My task is not to punish VW," he added.

For more news from Germany, join us on Facebook and Twitter.

Today's headlines
Dresden 'most woman-friendly’ city in Germany
Photo: DPA.

Sorry Berlin, you're not the most progressive city for women, according to a new report.

The future belongs to these 10 German regions
This east German city won the 'most improved' category. Photo: DPA

A new study shows that one city above all will dominate the future of Germany, but if you're canny you might still want to think about moving to Leipzig or Erfurt.

Fugitive ex-terrorists 'on huge crime spree' in north Germany
(L-r): ex-RAF members Volker Staub, Daniela Klette, and Burkhard Garweg. Photo: BKA

In their struggle against capitalism they once murdered businessmen and politicians. Now three ex-terrorists have taken to robbing supermarkets - and rather successfully, too.

Scooter singer finally reveals how much the fish cost
H.P. Baxxter. Photo: DPA

It is the question Germans have wanted to know the answer to for almost two decades - and now they have the answer, thanks to a US talkshow host.

'I'm definitely not a paedophile': disgraced MP
Former MP Sebastian Edathy is in hiding after a child pornography scandal destroyed his career. Photo: DPA

Former MP Sebastian Edathy quit his job and left Germany after videos of naked children were found on his computer.

Weekend promises storms, humidity - and a bit of sun
A storm in Cuxhaven last weekend. Photo: DPA

The forecast for the coming days isn’t the pristine blue skies many of us are longing for. But, in among the storms, the sun will still peek out.

Prosecutors take aim at unedited Hitler book
An original edition of 'Mein Kampf' featuring a photo of Hitler on an inside cover. Photo: DPA

German prosecutors said on Thursday they were investigating whether to bring charges against a publisher who has promised to print a version of Adolf Hitler's anti-Semitic manifesto "Mein Kampf" without annotations.

VW bets on battery factory for electric car dominance
A VW logo is seen in front of a plugged-in electric car. Photo: DPA

Scandal-hit car giant Volkswagen is set to sink huge sums into building a factory for batteries to power its future electric cars, German media reported on Friday.

Raging ticket controller seizes Chinese traveler's passport
File photo of a plainclothes ticket controller. Photo: DPA.

Germany's national rail operator is in hot water after a ticket controller reacted aggressively to a newly arrived Chinese traveler who made one of the most basic transit mistakes: forgetting to stamp her ticket.

Berlin politician crusades for health of skateboarding dog
File photo: DPA

Can a canine enjoy skateboarding? That's the question Berlin politicians are struggling to address in a row over a dog on four wheels.

Sponsored Article
Eat, learn, live: unforgettable holidays in France
Society
Pegida enraged by black children on chocolate bars
Health
New father's tragic herpes warning touches 1000s online
National
Monsanto takeover would be 'diabolical': environmentalists
Lifestyle
10 fascinating facts you never knew about Berlin
Politics
MP recites explicit Erdogan bestiality poem on live TV
National
China beats Germany in readiness to help refugees
Hamburg
Headless Lübeck corpse turns out to be discarded sex doll
National
Pensioner claims to have found hidden Nazi nukes
Business & Money
Here's why Munich is worth 20 times more than Berlin
Culture
Five sure-fire ways to impress Germans with your manners
Lifestyle
6 things about Munich that will stay with you forever
Technology
Church plans to connect with faithful at Wi-Fi 'Godspots'
Technology
Online hate speech can cost users thousands of Euros
Society
Bavarians in rush for non-lethal weapons licenses
Sport
Here's Germany's Mannschaft for Euro 2016
Culture
The Syrian pianist playing his way into Germans' hearts
The parrot who flew fast enough to trigger a speed camera
Technology
New law could let free Wi-Fi bloom across Germany
Politics
Berlin's plans to beef up the German army
Sport
Lufthansa's Euro 2016 ad takes aim at England
National
Supermarkets must pay massive fine for fixing beer prices
National
4/20: Five things to know about weed in Germany
Berlin
Police break up hipster swarm at vegan restaurant opening
7,846
jobs available
Toytown Germany
Germany's English-speaking crowd