Volkswagen began talks in Qatar with the key investor of the company


Moscow. December 7. The Volkswagen management and the largest shareholders of the company are on a visit to Qatar, where they conduct negotiations with one of its key investors – Qatar Investment Authority, according to MarketWatch.

Chief Executive officer, Volkswagen Matthias Mueller and Chairman of the Supervisory Board Hans Dieter Petch, who took these positions in September this year, located in Qatar with the usual introductory visit, said the carmaker. According to informed sources, they are accompanied by representatives of the family Porsche and Piech controlling Volkswagen.

“This is a normal study visit of the new management one of the most important partners of the company, one of the most important shareholders”, – said the representative of Volkswagen Erik Felber.

Meanwhile, German newspaper Bild am Sonntag reports that Qatar is seeking to introduce major changes in the management of Volkswagen, in particular, wanted to weaken the influence of trade unions on the Board of Directors and daily operations of the automaker.

Qatar Investment Authority owns 17% of Volkswagen voting shares and has two representatives on the Supervisory Board of the company. Under German law, representatives of employees half of the 20 seats on the Supervisory Board of the company.

According to Bild, Volkswagen also calls on Qatar to take action in response to the reduced demand for cars with diesel engine by means of a major project on promotion in the U.S. of electric vehicles.

“Diesel scandal” around Volkswagen, significantly reducing the capitalization of the concern that erupted after American regulators found that on some cars with diesel engines were installed software that allows you to bypass testing the exhaust emissions. This program has been installed on 11 million cars sold worldwide. For a review of these cars the company has earmarked 6.7 billion euros, but the final costs will be more clearly.

Some Volkswagen shareholders, including one of the largest investment funds Germany – Union Investments and Swedish Nordea investment Fund, has criticized management of the automaker, expressing doubt that the veterans of the company – Mueller and Pets will be able to change the corporate culture so that to prevent the recurrence of violations in the future.