In the midst of the scandal regarding falsifying emissions, Volkswagen expressed their frustration over the snail pace of an ongoing investigation. The company has written a statement that clarifies their standing and future actions to their shareholders.
According to Reuters, Chief Financial Officer Frank Witter has made conversation with British hedge fund TCI regarding the progress that's been made on the current structure of the company. But Witter also added the frustrations of the company after Jones Day sent an inquiry. Jones Day is the law firm handling the investigations for the emissions scandal. Volkswagen already said that their inquiries should be continued into the second half of this year due to their commitment in "no stone unturned in the pursuit of truth."
Yahoo published that the letter written was dated May 17 to TCI founder Chris Hohn and revealed that they're working to an improved and new governance within the company. On April 2016, Volkswagen revealed that a major loss of $4.6 billion was due to the company's effort in clearing their name from the scandal. Further, a deal was made with U.S. government that amounts to $10 million but the company is still receiving lots of law suits.
Regarding the letter, TCI partner Ben Walker said that "It's a letter of fine ambitions but the key point is that the unions and, in particular, Lower Saxony have to back the management team now." He added that, "Then this could be the turning point for Volkswagen. Lower Saxony and the unions have to acknowledge that a successful auto company cannot survive long-term with margins of 2 percent."
Lastly, the letter revealed that Volkswagen is continuing forward to their progress as they're trying to incorporate knowledge from the Porsche sports car brand. The company has expressed that one of their highlights is introduction of new product line management that would be beneficial to the engineering processes of their brand.
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