Investor groups call for new probe of VW scandal

Mon May 23, 2016 11:06am EDT
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By Edward Taylor

FRANKFURT (Reuters) - Three investor groups called on Monday for a new, independent investigation into Volkswagen's (VOWG_p.DE: Quote) emissions test-rigging scandal, saying the inquiries launched by the German carmaker so far may not be far-reaching or transparent enough.

German investors' association DSW and Deminor, a Brussels-based firm which represents investors including the city of New York pension fund, said shareholders should be allowed to vote on launching such an investigation at Volkswagen's (VW) annual general meeting (AGM) on June 22.

London-based Hermes EOS also called for an independent inquiry into the "potential liability of the members of the management and supervisory boards" of the German company.

VW declined to comment.

In September, Europe's largest carmaker admitted it had cheated diesel emissions tests in the United States.

It has created a Special Committee on Diesel Engines headed by Wolfgang Porsche, head of the family clan that controls VW, to investigate the scandal and hired law firm Jones Day to find those responsible.

But DSW said that wasn't enough.

"When you have an independent investigation you can be sure that the findings will be publicized. With internal investigations you do not know whether everything has been made transparent," spokesman Juergen Kurz said.   Continued...

An employee plugs a charger to an E-Golf at a station at the plant of German carmaker Volkswagen in Wolfsburg, Germany May 20, 2016. REUTERS/Fabian Bimmer