Volkswagen AG (ADR) (OTCMKTS:VLKAY) is not yet recovered from its rigged emission-unit scandal to table financial reports for 2015 fiscal. It is likely to hold the annual shareholder meeting as per schedule, on April 21. The annual reports were to be released in March.
The company’s supervisory board has been at closed-door discussions lately to work out technical, legal and financial solutions for the worst ever scandals to have happened at the company.
Volkswagen AG (ADR) (OTCMKTS:VLKAY) has been reeling under tremendous pressure after the company was caught rigging tests of emission units in its cars. The company was found out by routine third party researches, which during the course of it recognized the add-on unit as technical manipulation. The add-on unit helped report lower emissions levels in-line with auto industry regulatory rules.
The company is yet to find a technical solution which would rework the 600,000 diesel cars sans the ‘rigged’ unit. The carmaker is also slapped with innumerable legal suits over the deliberate manipulation of higher emission levels in its cars.
The big question before the car maker’s Board is to decide on the extent of provisions to be included in the 2015 results.
New dates
Volkswagen AG (ADR) (OTCMKTS:VLKAY) official statement on Friday said fresh dates for the 2015 results would be announced at the time of the annual shareholders meeting.
The notice of delay cited that a number of open questions were pending. Additionally the valuation calculations with reference to the diesel emissions issue remained.
Hence, a lot more work would be put into tabling the annual reports this time around by the Germany based automaker.
Volkswagen AG (ADR) (OTCMKTS:VLKAY) the largest of the automakers in Europe, said that it remains committed to tabling before shareholders the ‘background’ and details of the ‘responsibilities’ with relation to emissions scandal towards the last few weeks of April.
