One of the richest sovereign wealth funds in the world, that of Norway, will sue Volkswagen for the heavy losses it suffered after the Dieselgate scandal. This was announced to the Financial Times by Peter Johnsen, managing director of Norges Bank Investment Management, which manages assets of 850 billion euros and is the fourth shareholder of the Wolfsburg house with 1,64% of the capital.
“We were advised by our lawyers – Johnsen explained -, they told us that the company's conduct provides us with elements to request compensation under German law. As investors, it is our responsibility to safeguard our investment in Volkswagen."
The Norwegian fund joins a long line of shareholders intending to sue Volkswagen after the latter admitted to having installed illegal software on 11 million diesel engine control units.
Volkswagen has so far set aside 16,2 billion euros to deal with the penalties imposed by the various state authorities and lawsuits as well as the costs of recalling the cars to comply with the law.
