Skip to main content

Black Sheep Ferdinand Piëch Reappears as Porsche SE Attempts to Ease Tensions

Porsche Automobil Holding SE has denied it intentionally misled investors over the severity of the VW emissions cheating crisis in 2015. With Volkswagen AG’s Chief Executive Officer Matthias Müller now personally caught up in the growing market manipulation investigation, it was only a matter of time before Porsche Automobil Holding released a statement to assure investors the board had done its job appropriately.

Müller’s joining of former VW CEO Martin Winterkorn, supervisory board chair Hans Dieter Poetsch, and board member Herbert Diess as the focus of government probes has made the situation appear fishier than a trawler’s top deck. However, at this week’s annual shareholders meeting, Poetsch said he is convinced none of the board members are guilty of any wrongdoing — presumably, he included himself in the statement.

“We perceive all legal claims against Porsche SE relating to the diesel issue as unfounded,” he explained. 

Unfounded or not, the board has a lot on its plate right now. Members are having to cope with separate investigations coming from Stuttgart and Braunschweig-based prosecutors while fielding questions from annoyed investors. In total, the holdings firm is facing 165 individual diesel-related lawsuits from investors for a combined sum of just over 1 billion dollars. That sum is entirely separate from the billions Volkswagen was forced to pay by the U.S. government and the countless lawsuits from disgruntled customers across the globe.

Porsche SE, which is almost entirely controlled by members of the Porsche-Piëch family, is also still reeling from an internal power struggle after long-time VW patriarch Ferdinand Piech alleged his cousin Wolfgang Porsche and other board members knowingly withheld information from the public. Most of the family has since turned on Piëch, and he has agreed to sell his 14.7 percent stake to his amazingly rich relatives.

According to Germany’s Stuttgarter Zeitung, Ferdinand Piëch was in attendance at Tuesday’s shareholders’ meeting, despite having been absent from the event for the past two years. When asked how long he would remain on the board, he remained quiet as Wolfgang Porsche explained that his cousin had agreed to “remain available” until the sale of his shares could be finalized. Curiously, nobody asked if Piëch was just there to silently gloat.

This article first appeared on thetruthaboutcars.com

The post Black Sheep Ferdinand Piëch Reappears as Porsche SE Attempts to Ease Tensions appeared first on VWVortex.



from VWVortex http://ift.tt/2rbeAto
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Watch: The Story of the Ads that Made VW Big in America

The ads for the original Beetle are almost as famous and well-loved as the Beetle itself. Looking back now it’s easy to forget, though, just how easily things could have wrong. A new short from Dial M Films tracks the history of those early Volkswagen ads that sold America on the people’s car. The story, of course, begins with the visionary agency that made the ads: Doyle Dane Bernach (DDB). As a popular agency for Jewish products, no agency was more aware of the implications of Volkswagen, and no one, it seems, was more skeptical of the brand than DDB. “Remember Those Great Volkswagen Ads?” from Dial M Films on Vimeo . William Bernbach, though, was adament that the firm take the client, probably as a way of attracting other lucrative automotive clients. Saddled with a client that he didn’t want, art director Helmut Krone says in the film that he originally came up with ads that were all wrong. Krone tried to do what other manufacturers did and was intent on selling the Beetle ...
Post a Comment
Read more

Watch: The Stig Drives (nearly) Seven Generations of Golf GTI

With Volkswagen announcing “major” updates to the Golf, it seems an appropriate time to look back on what we’ve had so far. And who better to guide us through the rich history of the most popular European car ever made than Ben Collins, the former Stig? Some say he’s never met a GTI he doesn’t love, and that he can’t grow any of his own facial hair. All we know is … Ben Collins is actually a pretty solid presenter. Working his way through seven generations of the GTI (skipping over the Mk6) Collins tells us a little bit about each one and matches each mark to its corresponding facial hair craze. The Mk1 GTI for instance, is light and quick, but can lose traction under hard acceleration (in heavy rain). Despite that, Collins calls the Mk1 a “pure gem.” The Mk4, meanwhile, is a powerful return to form after the perhaps too sensible Mk3. Collins ends in the only way he could, with the Mk7, which accelerates faster than a Lamborghini Countach and is all kinds of wonderful. Watch, ...
Post a Comment
Read more

Volkswagen Golf GTE Wins Top Honor at the 2015 Business Techies Awards

Golf GTE wins Green category in the 2015 BusinessCar Fleet Technology awards Judges praised the Golf GTE for its performance, ease of use and economy Golf GTE launched earlier this year with plug-in hybrid technology – priced from £33,755 204 PS performance combined with CO 2  emissions of just 39 g/km Volkswagen has added to its growing list of 2015 automotive industry accolades by winning the Green category in the annual BusinessCar Fleet Technology Awards – the Techies. The prestigious title was awarded to Volkswagen for the Golf GTE, an innovative plug-in hybrid that combines sporty dynamics with exceptional fuel economy and low CO 2  emissions. Now in their seventh year, the Techies are judged by both BusinessCar’s experienced editorial panel with help from TRL’s technology expert. The industry’s only technology-specific awards, the BusinessCar Techies reward the use of technology to make business car fleet operations easier, cheaper, cleaner, safer and more straig...
Post a Comment
Read more