As we investigate the actions of Volkswagen over the period of time surrounding this alleged massive fraud, hopefully we'll gain insight into the motives and the manipulations that went on behind the scenes. Since 2007 there have been several controversial and well-documented engineering relationships between VW and other large automobile manufacturers as well as highly publicized board room battles among the highest compensated Volkswagen executives.
Below is a glance at just some of the events that may prove to be more telling in light of the recent allegations.
September 30, 2015
*Porsche Automobil Holding SE buys Suzuki Motor Corp.'s 1.5% stake in Volkswagen from the Japanese manufacturer. As a result Suzuki claims it will post a $306 million profit. Last week, Suzuki paid Volkswagen $3.6 billion dollars to buy back Suzuki stock.
*More than 50% of Volkswagen’s voting stock is controlled by the Porsche and Piech families.
http://www.wsj.com/articles/suzuki-to-sell-its-1-5-stake-in-volkswagen-1443264209
September 23, 2015
Volkswagen CEO Martin Winterkorn resigns. He was CEO from 2007 to 2015. Winterkorn, who has been one of Europe’s highest-paid executives during the time of the alleged fraud is still in line to receive an estimated $67 million dollars in retirement and severance compensation.
http://www.theguardian.com/business/2015/sep/24/vw-emissions-scandal-boss-martin-winterkorn-pension-pot
September 18, 2015
EPA issues Volkswagen a notice of violation after the company admitted using a “device” to defeat the emissions controls of some of its diesel cars. The Obama administration orders Volkswagen to recall roughly 482,000 diesel passenger cars that they sold in the United States since 2009.
http://www.nytimes.com/2015/09/19/business/volkswagen-is-ordered-to-recall-nearly-500000-vehicles-over-emissions-software.html
September 17, 2015
Volkswagen sells $3.6 billion dollars worth of Suzuki stock back to Suzuki Motor Corp.
http://www.marketwatch.com/story/suzuki-motor-buys-back-shares-from-volkswagen-2015-09-17
April 26, 2015
Just days after being hailed as Germany's highest paid corporate board member, Ferdinand Piëch resigns as chairman of Volkswagen AG. Wall Street Journal refers to Volkswagen Porsche power struggle as a "Game of Thrones." Piëch and his cousin Wolfgang Porsche are the company’s main shareholders and Piëch remains on the board of the holding company that controls 51% of the voting stock.
http://www.wsj.com/articles/challenges-persist-for-volkswagen-as-chairman-piech-exits-1430081445
April 21, 2015
Volkswagen Group Chairman Ferdinand Piëch, is listed as Germany's highest paid supervisory board chief. Piëch’s mother is Louise Porsche Piëch, daughter of Ferdinand Porsche, the creator of the Volkswagen Beetle. In 1935, Adolf Hitler chose Piëch’s grandfather, whom Hitler called a “designer genius” to create the Volkswagen, the “German People’s car.”
http://europe.autonews.com/article/20150421/ANE/150429970/piech-is-germanys-best-paid-chairman-survey-says
September 12, 2011
Suzuki announces that it wants a "divorce" from it's relationship with Volkswagen. Supposedly, Suzuki's 2011 purchase of diesel engines from Italian car maker Fiat, helped caused a rift with Volkswagen. When the two auto makers had partnered 20 months prior, it was thought that Suzuki was interested taking advantage of Volkswagen diesel technology.
http://www.bloomberg.com/news/articles/2011-09-12/suzuki-executives-to-discuss-ending-capital-alliance-with-volkswagen
“Chairman Suzuki hasn’t found any VW technologies he’d like to adopt following an extensive review of what they have to offer.”
About Chairman Suzuki's blog about Volkswagen
Chairman Suzuki's blog about Volkswagen - original Japanese publication
December 9, 2009
Volkswagen underlined its ambition to become the world's largest car maker by purchasing 20% of the stock of Japanese auto maker, Suzuki Motor for $2.5 billion. Suzuki is a key player in the growing Indian market. A few days earlier, Volkswagen bought half of Porsche.
http://www.theguardian.com/business/2009/dec/09/volkswagen-stake-suzuki-motor-porsche
